Australian bank Commbank is adding two new defensive assets designed to help protect its customers from fraud, scams, financial crimes and cyber threats.
Australian bank Commbank is adding two new defensive assets designed to help protect its customers from fraud, scams, financial crimes and cyber threats.
The launch of these assets is based on early stage solutions that helped to reduce these losses by 76% since the first half of 2023, when those losses peaked.
The release says a new asset is a generative artificial intelligence (AI)-type scam detection tool called the Scam Checker, which has been incorporated into the digital identity protection application Truyu, which is built by Commbank's Venture Scaling Arm X15 Ventures.
The tool allows Truyu users to take screenshots of suspicious text based on the version, upload it to the app, and immediately analyze whether it is a scam.
“The scam uses AI and Commbank Gen and Commbank Scams Intelligence, which is a powerful combination,” said Melanie Hayden, managing director of Truyu, in a press release.
According to the press release, the second new asset deployed by Commbank is to combat scams, which is in the Commbank app and requires customers to authenticate certain online card transactions before authorizing transactions in real time.
The asset is designed to combat the use of fraudulent text messages that mimic legitimate businesses and attempt to trick customers into following the message's instructions according to the press release.
“We are now asking customers who use the Commbank app to verify certain online card transactions directly in the app, rather than sending codes to them.” “We are able to give clearer guidance and warnings in the app than text messages.”
These are added to Commbank's early solutions, including the launch of Truyu last year and in-app verification of Commbank's apps early in the year, according to the press release.
Commbank said in June 2023 that it began to drop or hold 24 hours to cryptocurrency exchanges with certain payments and would restrict customer payments to cryptocurrency purchases due to an increasing number of scams.
The bank said at the time that scams have been exploiting consumers’ growing interest in cryptocurrencies.
