Australia’s largest bank, Commonwealth Bank, is set to combat the escalating issue of phone scams by deploying an extensive network of 10,000 AI bots. This innovative strategy aims to protect consumers and mitigate the significant financial losses incurred annually due to these scams.
In collaboration with the cyber-intelligence firm Apate.ai, the AI bots will engage scammers in conversation, effectively impersonating everyday Australians. This approach allows the bank to gather vital intelligence while hindering real victims from being targeted. James Roberts, the general manager of CommBank Group Fraud, emphasised that this initiative “turns the tables” on scammers by engaging them with bots rather than human consumers. He noted that every moment scammers spend with a bot is a minute they cannot target an Australian, highlighting a proactive step in safeguarding the community.
The underlying technology is based on a tested “honeypot” strategy, which uses a network of specific phone numbers that scammers are likely to target. When they attempt to reach these numbers, they unknowingly interact with the AI bots instead of actual people. This method not only aims to disrupt scam operations by inundating them with fake targets but also assists in collecting near-real-time information that can be used to enhance protective measures for customers.
Apate.ai’s founder, Professor Dali Kaafar, explained that their ongoing collaboration with telecommunications partners supports this expansive initiative, ensuring a continuous reach and engagement with potential scammers. The National Anti-Scams Centre data indicates that phone scams resulted in the highest overall financial losses last year, underpinning the urgency of CommBank’s initiative.
With this groundbreaking move, Commonwealth Bank hopes to significantly reduce the prevalence of scams and provide a safer banking experience for all Australians. Through the strategic use of AI, the bank is pioneering new methods to combat the rising tide of financial fraud, contributing to efforts aimed at creating a more secure digital landscape.