CommBank reveals new protections against scams
The Commonwealth Bank has announced three security features for digital wallets, first-time payments and cardless transactions.
The Commonwealth Bank has introduced three new security features to combat scams and keep its customers safe.
The new ‘Review Digital Wallet’ feature, the first of its kind in Australia, will allow customers to easily review payment details through the CommBank app and remove any digital wallets they have been linked to and do not recognise.
“A digital wallet is an app on a phone, tablet or watch to which a customer adds their payment details, so they can make purchases by tapping the device or paying online, without the need to use a card,” James Roberts, director of CommBank. of group fraud, he stated in a statement.
“Criminals regularly conduct ‘phishing’ to obtain personal information by texting customers with a link pointing to an unreliable website. This can lead to customers sharing personal banking information such as card details, bank authorization codes and digital banking credentials. These details can allow fraudsters to add card details to a digital wallet on the fraudster’s mobile device.”
Additionally, the first payments will now be accompanied by “interactive and intelligent warnings” tailored to the transaction to protect customers from potential fraudsters.
“We have now added an extra layer of protection and are showing personalized messages and questions for certain payments for the first time. How customers answer these questions helps us prompt them to reconsider before proceeding with payment,” Roberts said.
“We know from the pilot that these messages really helped customers pause and think about payments and, in some cases, take additional steps to confirm they weren’t being scammed. “This is exactly the behavior we sought to support and we saw abandoned payments, which could have saved customers from scams.”
Finally, the Cardless QR feature is a new way to verify customers who want to make a withdrawal or deposit and will replace cardless cash, cardless deposit and ATM deposit codes.
“It’s about balancing the need to introduce smart frictions such as holds, limits and transaction declines for higher risk activities, while ensuring a seamless, safe and secure digital payment experience for our customers. It’s a delicate balance, but necessary to help customers stay safe from scams,” Roberts said.
