CommBank’s customer scam losses were halved in fiscal year 2024 through advanced anti-scam technologies, industry collaborations, proactive policies, and enhanced customer awareness.

James Roberts, CommBank general manager of group fraud, said: “Over the last financial year CommBank has continued to add market-leading anti-scam technologies to protect Australians while collaborating across industry, including with other banks and telcos such as Telstra, Optus and Vodafone.

CommBank’s anti-scam initiatives are having a meaningful impact. CommBank customer scam losses halved compared to the previous financial year, with CommBank NameCheck technology preventing scam payments worth more than an estimated $40 million. NameCheck also stopped over $370 million in mistaken payments in the year to June 2024.

Roberts said: “Whilst this is encouraging, we acknowledge that Australians continue to lose money to scams and banks will continue to do more, and importantly telecommunications and social media platforms need to step up, to further suppress consumer losses.”

Re-disseminated by The Asian Banker