Australia’s Commonwealth Bank (CBA) has made a significant move in the fight against financial scams and mistaken payments.
The bank has announced the expansion of its innovative NameCheck technology, with Bendigo Bank and Satori, a fraud monitoring company, set to pilot the system. This collaboration marks a significant step in safeguarding Australians from the ever-increasing threat of financial fraud.
The product will provide an added layer of security against scams and mistaken payments. With financial scams and fraud being a growing concern, especially in the digital age, such technologies are becoming essential in protecting consumers and businesses alike.
CBA is renowned for its financial services and products, including personal banking, business solutions, institutional banking, and wealth management services. The bank’s commitment to innovation and security has been a hallmark of its operations, further evidenced by the development of NameCheck.
NameCheck stands out for its advanced technology that utilises CBA’s extensive payment data to verify account details. Introduced earlier this year for retail customers and some business payments, it has successfully prevented more than 10,000 scam payments, equating to over $38m, and has significantly reduced mistaken payments by more than $100m.
The extension of this technology to Bendigo Bank will see it integrated into their Up app, while Satori will use it to enhance financial controls for top Australian brands and government organisations. This move exemplifies the technology’s versatility and adaptability to different financial environments.
CBA Group Executive Business Banking, Mike Vacy-Lyle, emphasized the importance of this collaboration, stating, “We are delighted to collaborate with Bendigo Bank and Satori, both of whom play an incredibly important role in the payments ecosystem.
“With scams and fraud costing Australians and businesses billions of dollars annually, it’s clear a whole of ecosystem response is needed to combat this problem. We are proud to be able to extend our industry-leading technology to others and contribute to protecting more Australians against cyber criminal.”
Bendigo Bank’s Chief Transformation Officer, Ryan Brosnahan, said, “We are proud to work with our peers on solutions that provide our customers with additional confidence when making direct payments online. Cyber fraud is a complex, evolving, and ongoing challenge that the industry, government, regulators, law enforcement, telcos and internet platforms must work together to combat.”
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global
Copyright © 2018 RegTech Analyst
