NAB has successfully intercepted potential scam activities, preventing $48.5 million in payments over the last two months, thanks to timely scam alerts within their app and online banking services.
These alerts have significantly reduced scam losses among customers, even as the number of scam reports rises due to criminals employing new tactics.
December saw the highest amount of prevented scam transactions, with $26 million in payments halted due to the alerts.
The holiday season typically sees a surge in both spending and scam attempts, making the timing of these interventions crucial. November also recorded a substantial $22.5 million in halted payments, influenced by the high transaction volumes during Black Friday and Cyber Monday sales.
NAB’s real-time alert system is designed to catch various types of scams, including invoice fraud, investment scams, romantic deceptions, and goods and services fraud.
Alerts are triggered if a transaction seems unusual or fits the profile of a scam, prompting customers to think twice before finalising the payment.
Chris Sheehan, NAB executive of group investigations, emphasised the importance of these alerts.
“December is a busy time of year with Christmas, the Boxing Day sales, and summer holidays,” Sheehan said. “That means it’s also a busy time of year for criminals who know people are busy and often distracted.”
He said that the alerts are crucial for stopping scams that originate outside of the bank’s direct control, such as those initiated via text, phone calls, or social media.
NAB continues to strengthen its defenses against scams through various initiatives.
These include removing clickable links from text messages, participating in BioCatch Trust Australia – an inter-bank network for sharing intelligence on scams, and expanding their team dedicated to scams, fraud, and investigations.
The bank also maintains ongoing customer education through its Security Hub website, offering resources like direct alerts, informational emails, social media content, and free monthly webinars to help customers recognize and avoid scams.
Sheehan urged all customers to contact their bank immediately if they suspect they have been scammed, highlighting the difficulty of retrieving funds once they are transferred.
NAB’s proactive measures and continuous investment in customer protection tools demonstrate their commitment to making Australia a challenging environment for criminals to operate successfully.
