The assistant treasurer has called for closer collaboration between banks and telcos on tackling fraud, as the CBA announced an expansion of its anti-scam technology.
Banks, telcos and tech companies should collaborate more closely on combatting fraud, the assistant treasurer has said, as the Commonwealth Bank announced an expansion of its anti-scam technology to tackle what’s become a $3 billion nationwide problem.
NameCheck was introduced this year and Comyn said it had already helped prevent more than 10,000 scam payments that would have totalled more than $38 million. The bank is now offering the technology to other organisations that process payments. “We are going to bring that down. We take an ecosystem approach, which is one that understands that scams are coming to people through telecommunications networks, through social media platforms, and they’re preying on people and tricking them into handing over their information and their money. Once that money has been handed over, it’s almost impossible to get back.
AI experts have warned that even a few seconds of social media content are all that a scammer needs to recreate a person’s voice.