Commonwealth Bank (CBA) and Vodafone have announced a new intelligence sharing pilot designed to help protect customers from rising SMS scams.
The pilot sees Vodafone and CBA sharing SMS scam-related intelligence in near real-time, allowing the telco to identify and disrupt scammers, while the bank may implement proactive blocks on suspected fraudulent payments.
James Roberts, General Manager of Group Fraud at CBA says there are increased risks at this busy time of year as we head into the festive season.
“Our latest data shows that fraudulent text and email messages are the number one scam trend impacting our customers. This phenomenon, otherwise known as ‘phishing’, involves fraudsters tricking unsuspecting customers to click on an embedded link and share their online banking and card details, as well as personal information.
“This pilot and timely intelligence sharing between CommBank and Vodafone allows us to proactively investigate and analyse the latest SMS scams in near real-time to ultimately help disrupt, detect and proactively block fraudulent payments.