To address the recent increase in financial scams, the Commonwealth Bank of Australia (CBA) has become the first bank to integrate a new anti-scam intelligence loop. This innovative system, co-designed by the Australian Financial Crimes Exchange (AFCX) and National Anti-Scam Centre (NASC), marks a significant step towards a more collaborative approach to fighting fraud across various financial sectors.
The intelligence loop facilitates rapid information sharing among banks, telecommunications networks, internet service providers, and social media companies. This coordinated effort aims to enable faster action against scammers and enhance protection for consumers. Since joining the initiative, CBA has already contributed over 1200 entries, including scam phone numbers and suspicious URLs.
James Roberts, General Manager Group Fraud at CBA, highlighted the importance of a whole-of-ecosystem approach, noting that most scams originate outside the banking sector. “To combat scams effectively, we must coordinate across banks, telcos, governments, social media, and digital platforms,” Roberts stated, urging other key industry players to join the initiative.
This move is part of CBA’s broader strategy to combat fraud. The bank has introduced several anti-scam technologies over the past two years, including the national rollout of Scam Indicator, a partnership with Vodafone for SMS scam intelligence sharing, and the extension of NameCheck technology to other payment processors.
While recent data from NASC shows a decline in overall scam losses in Australia, CBA recognises the need for continued vigilance and collaboration. The bank’s proactive stance in joining the intelligence loop demonstrates its commitment to leading the charge in protecting Australians from financial fraud.
