The Commonwealth Bank of Australia (CBA) is leading the charge against scams by integrating into a new ‘anti-scam intelligence loop.’ This innovative system, developed with the Australian Financial Crimes Exchange (AFCX) and the National Anti-Scam Centre (NASC), allows banks, telecom networks, internet providers, and social media companies to share scam information more efficiently.
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This integration means that verified scam-related data, such as phone numbers and URLs, can be quickly shared and blocked, and fraudulent websites and social media posts can be swiftly removed. The initial focus is on reducing SMS phishing scams. Since joining the loop, CBA has contributed over 1,200 entries, identifying scam numbers and URLs. Phishing scams were the most common in 2023, according to NASC.
While NASC reports a decline in scam losses in Australia, CBA stresses the need for ongoing cooperation among industries, government, and law enforcement. James Roberts, General Manager of Group Fraud at CBA, emphasized that scams are a widespread issue, often originating outside the banking sector.
"As the first bank to join AFCX’s intelligence loop, CBA is dedicated to sharing collected intelligence to strengthen national defenses. Recent reductions in customer losses to scams are promising, but there is still more to be done," said Roberts. "Our fraud team helped build this infrastructure, adding another layer to Australia’s defense. Effective scam combat requires coordination across various sectors. We encourage other key players to join the loop to enhance our collective defenses."
Additional anti-scam initiatives from CBA
In the past two years, CBA has introduced several technologies to protect customers, including:
• Scam Indicator: Developed with Quantium Telstra, it helps protect Telstra and CBA customers from phone scams.
SMS Scams Intelligence Sharing Pilot with Vodafone: Blocks suspected fraudulent payments from phishing SMS scams.
• NameCheck Technology: Extended to other payment processors to help verify first-time payments.
• CallerCheck Technology: Provides in-app caller verification to assure customers of genuine CBA calls.
These efforts highlight CBA’s commitment to safeguarding its customers and enhancing Australia’s overall scam defenses.
