Australia-based Commonwealth Bank (CBA) has introduced new AI-based technology to detect suspicious and unusual behaviour on its digital banking platforms.
The new tech aims to protect more customers and keep them safe by alerting them to potential scams. It uses machine learning techniques to track unusual changes to the way a customer normally interacts with their devices and represents a bank extension to its scam and fraud protection strategy.
CBA will also roll out two-way push notifications that are safer than one-way SMS messages, increasing its investment in fraud and scam protection. The bank’s new ‘protect, detect, and resolve’ approach aims to identify irregularities and quickly notify the user against potential malicious behaviour, while also shutting down any activity that hasn’t been previously authorised by the client.
According to the latest figures released by the ACCC, Australians lost more than AUD 2 billion in 2021 alone to fraudsters, based on over 560,000 reports filed. Investment scams were the highest loss category, followed by payment redirection scams and romance scams.
