The Commonwealth Bank of Australia has unveiled a cutting-edge artificial intelligence (AI) scam detection tool and a new in-app security feature aimed at tackling the escalating issue of bank fraud. This initiative follows the bank’s previous integration of AI technology within its customer service sector, signalling a significant shift towards AI-driven scam protection.
The newly launched tool, dubbed the Scam Checker, represents an Australian first and is integrated within the Truyu app. This innovative feature allows customers to examine suspicious text messages by uploading screenshots directly into the app, enabling them to verify the legitimacy of the messages.
Truyu, a creation of Commonwealth Bank’s venture arm x15ventures, serves as a vital resource in notifying users whenever their personal information—such as names, birth dates, or ID details—are potentially misused across 60% of Australian retailers. This alerts users to fraudulent activities and even data breaches involving their sensitive information.
Melanie Hayden, managing director of Truyu, emphasised the importance of combining AI with human oversight to effectively combat scams. She remarked that while AI enhances scam protection, it should support rather than replace human judgement in assessing risks. The aim of the Scam Checker is to empower customers with insights that encourage careful decision-making upon receiving dubious messages.
James Roberts, the bank’s group fraud general manager, acknowledged that AI alone is not a definitive solution to fraud, highlighting the necessity of human involvement and customer awareness in making AI tools effective. This balanced approach assures that AI serves as a supportive mechanism to enhance the overall safety of banking operations.
In addition to the Scam Checker, Commonwealth Bank is also introducing a new security feature that enhances transaction verification. Instead of relying on one-time passcodes for card transactions, customers will be prompted to confirm these transactions within the app itself, thereby reducing the risk of scammers impersonating legitimate businesses through fraudulent text messages.
Roberts explained that this method allows clearer communication regarding transaction approvals directly within the app. This strategy is designed to create a more secure banking environment by leveraging both human insight and advanced technology.
The in-app verification feature is set to be available in the Commonwealth Bank app soon, and the bank has committed a substantial $900 million in the last financial year alone to strengthen its defenses against fraud and cyber threats. Through these initiatives, the Commonwealth Bank aims to enhance customer security and foster a safer banking experience.