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CommBank has started using a new too called Fraud Indicator to help stop identity theft. This tool was created by Quantium Telstra together with CommBank. According to the update, it looks for unusual mobile phone activity and shares this information safely. This helps the bank find and stop fraud before it happens.
Fraud Indicator started working earlier this month. CommBank believes this tool will improve its ability to catch fraudsters by more than 25 per cent for customers who use both CommBank and Telstra services. This means fewer fake bank accounts will be opened by scammers.
Fraud Indicator Uses Mobile Data To Detect Scammers
Sandy Cameron, CEO of Quantium Telstra, stated that fraudsters often show clear patterns in how they use mobile phones. He noted that when this mobile data is combined with a bank’s own information, it becomes easier to catch scammers early.
Fraudsters often sign up for new bank accounts using fake identities. They give a mobile number to receive passcodes and confirm their accounts. The bank can now check how that mobile number is being used. If the usage looks suspicious, it can stop the fraud before money is stolen.
New Tool Follows The Launch Of Scam Indicator
The latest step in CommBank’s fight against fraud is the introduction of fraud Indicator. Last year, Telstra introduced Scam Indicator, a tool that helps stop scam calls. Scam Indicator has already protected customers from losing millions of dollars to scammers. The update stated that Scam Indicator was recently expanded to also cover landline phones.
Although many efforts have helped reduce scam losses in Australia, identity theft is still a big problem. According to the update, about 200,000 Australians were victims of identity theft last year. James Roberts, general manager of group fraud at CommBank, stated that the bank has cut scam losses by over 70 per cent in two years. However, he noted that more work is needed to protect customers.
CommBank is focused on early detection and prevention of fraud. The bank has been working with other industries, including telecom companies like Telstra, to make it harder for scammers to operate in Australia.
Sharing information about customer behaviour and device activity with other banks in real time is another way CommBank is fighting fraud. By working together with different companies, the bank aims to make it safer for customers to use their mobile services and bank accounts.
With Fraud Indicator now active, CommBank expects to prevent more fraud cases and stop scammers from creating fake accounts. Customers will benefit from better security, making it harder for fraudsters to steal their money or identity.
