Australia’s CommBank has introduced a Gen AI scam detection tool that allows customers to test suspicious text messages. Additionally, a new feature in the bank’s mobile app will minimize the reliance on one-time passcodes for authorizing online card transactions.
The Gen AI pilot enables users of the digital identity protection app Truyu—developed by CommBank’s venture scaling arm x15ventures—to take a screenshot of a suspicious SMS, upload it into the app, and receive instant analysis from CommBank’s Scam Checker tool.
Melanie Hayden, managing director at Truyu, stated, “Scam Checker uses Gen AI combined with CommBank scams intelligence—it’s a powerful combination. When you upload a suspicious text to Scam Checker, you’re not just protecting yourself; you’re also helping to keep others safe by sharing valuable information.”
Truyu provides near real-time alerts when a user’s identity is used at major merchants, such as banks and telecom companies, or when personal information is exposed in a data breach, and it guides users on subsequent steps.
In another enhancement, customers using the CommBank app will now be required to confirm certain online card transactions directly in the app, reducing the need for one-time passcodes.
James Roberts, CommBank’s general manager of group fraud, noted, “Scammers often impersonate legitimate businesses by sending fraudulent text messages. We’re asking customers to verify some online card transactions in the app instead of sending a code, allowing us to provide clearer guidance and warnings.”
The CommBank app utilizes device recognition to add an additional layer of security against account takeovers. Roberts explained, “Earlier this year, we introduced in-app authentication to help prevent unauthorized access, even if someone has stolen the customer’s password. We’re now looking to gradually move other notifications and actions, like transaction alerts and security prompts, into the app to enhance customer protection.”
These new fraud protection features come as the Australian lender reports a 76% decrease in customer scam losses since their peak in the first half of 2023. The bank is investing $900 million this year to further strengthen its cyber defenses.