Commonwealth Bank of Australia's Anti-Scam Measures Help Halve Victim Losses

In FY2024, Commonwealth Bank of Australia customer scam losses halved.

To reduce the risk that scams pose to customers, Commonwealth Bank of Australia customers have taken several anti-scam technologies, established industry partnerships, and increased customer awareness.

James Roberts, CommBank General Manager of Group Fraud, said: "Over the last financial year CommBank has continued to add market leading anti-scam technologies to protect Australians, while collaborating across industry – including with other banks and telcos Telstra, Optus and Vodafone."

Roberts said the bank's anti-scam measures have had a meaningful impact. NameCheck, the technology used by banks, prevented $40 million in losses for bank customers in the last financial year. He also acknowledged that people aren't stopping losing money to scams, and banks need to do more.

Australia's anti-scam intelligence loop also contributes to the bank's anti-scam efforts, and the bank is calling on more banks, telcos, and social media companies to join the loop and work together to protect Australians.

Statistics on reporting show that phone calls, social media, and emails are the most common methods of contact for scammers. In response, CommBank adopts CallerCheck to help customers differentiate between bank impersonation calls and genuine calls from the bank.