Commonwealth Bank of Australia is partnering with Vodafone to share SMS scam intelligence in near real-time. This collaboration enables Vodafone to identify and disrupt scammers while the bank takes proactive measures to block fraudulent payments.
Recent statistics from Australia’s National Anti-Scam Centre, released in November 2023, highlight that text messages are the most commonly used method by fraudsters, with over $24.5 million lost to these scams this year. James Roberts, general manager of group fraud at CBA, notes that the risk increases during the busy holiday season.
“Our latest data indicates that fraudulent text and email messages are the primary scam trend affecting our customers,” Roberts says. “Known as ‘phishing,’ this scheme involves fraudsters deceiving unsuspecting victims into clicking links and sharing their online banking and personal information.”
He adds, “This pilot program and the timely sharing of intelligence between CommBank and Vodafone enable us to investigate and analyze new SMS scams in near real-time, allowing us to disrupt, detect, and block fraudulent payments proactively.”
Vodafone has also observed a rise in fraudulent messages as the holiday season approaches, blocking over 17.6 million SMS scams in September and October—a 45% increase compared to the previous year.
Roberts emphasizes, “CommBank has invested about $750 million to protect our customers from cybersecurity threats, financial crime, and fraud. By closely collaborating with Vodafone, we aim to reduce the financial risks associated with the increasing threat of SMS scams.”
This initiative is part of a broader effort by Australia’s major banks to combat fraud, following last month’s agreement on a series of reforms to enhance customer protection against scammers. This includes a $100 million investment to develop a new Confirmation of Payee system and the implementation of more warnings, delays, and challenges in transferring money.