CommBank has launched new cybersecurity measures to better protect Australians from scams and fraud.
With more than a million digital wallets linked to CommBank payment details, the Review digital wallet feature allows customers to monitor and remove any wallets they don’t recognise, an Australian major bank first.
“We’re committed to tackling the ever-changing scams and fraud environment,” said James Roberts (pictured above), CommBank’s head of group fraud. “These extra security measures are designed to help disrupt scams and fraud, and ultimately make Australia less attractive to scammers.”
To address phishing and unauthorised transactions, CommBank has introduced interactive in-app security warnings for first-time payments. Customers are prompted with tailored messages and questions to verify the authenticity of payments.
“From the pilot, we saw customers pausing and reconsidering payments. Some abandoned transactions entirely, which could have saved them from scams,” Roberts said.
This proactive approach aims to disrupt common scams while educating customers about secure payment practices.
The new QR Cardless functionality replaces earlier cardless options and allows deposits and withdrawals via the CommBank app without using a card.
This feature increases deposit limits up to $10,000, making it a convenient and secure option for users, including non-CommBank customers depositing into eligible accounts.
CommBank invested $800 million last financial year in combating cybercrime, fraud, and scams.
Roberts highlighted the balance between providing seamless digital payment options and ensuring security.
“This is about introducing intelligent friction while ensuring a secure experience for our customers,” Roberts said.
Learn more about staying safe at commbank.com.au/commbanksafe. For more details on CommBank’s anti-scam security features, visit the CBA Newsroom for the media release.
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