The Commonwealth Bank of Australia (CBA) is enhancing its AI technology across digital banking platforms to combat increasing scams that target its customers.
The bank’s new system is designed to identify accounts showing unusual behavior based on customers’ historical patterns. This initiative is organized around a framework of “protect, detect, and resolve.” Alongside a new AI detection system, CBA will introduce two-way push notifications to replace traditional one-way SMS alerts.
CBA’s executive general manager of Everyday Banking, Kate Crous, emphasized the urgency of addressing cybercrime, noting that 92% of Australians have been exposed to scams. In 2021, the bank thwarted or recovered over $100 million related to scams affecting its customers.
In response to the rise in cyber scams, CBA has doubled the size of its scam prevention team. Research from the Australian Competition and Consumer Commission (ACCC) revealed that Australians lost more than $2 billion to scams in 2021, according to reports from Scamwatch, ReportCyber, and various financial and government organizations.
Additionally, CBA is producing educational materials, including informative videos, to help customers safeguard themselves against scams. Crous highlighted the need for customers to feel secure while banking on their devices, reinforcing the bank’s commitment to protecting them from evolving scam tactics.