CommBank's anti-scam initiatives have halved customer scam losses in FY24, with NameCheck technology preventing an estimated $40 million in scam payments and $370 million in mistaken payments.
The bank has integrated into Australia's new anti-scam intelligence loop, submitting over 1,500 entries for blocking and takedown.
CommBank offers technologies like CallerCheck and CustomerCheck to protect against bank impersonation scams, used 3.8 million and 3.7 million times respectively in FY24.
The bank emphasizes the need for a whole-of-ecosystem response from big tech, telcos, and banks to combat scams originating outside the regulated banking system.
ASX Code : CBA