Commonwealth Bank of Australia (CBA) is leveraging artificial intelligence (AI) technology to protect customers from potential scams.
The technology leverages machine learning to detect suspicious and unusual behaviour on CBA’s digital banking platforms.
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It tracks customers’ habits and patterns when they bank and deviations from those can be a sign that their account has been compromised.
As part of the announcement, which is part of CBA’s comprehensive scam and fraud protection strategy, the bank has also introduced two-way push notifications in the CommBank app as it increases its resources and enhances its technology to detect and prevent scams.
The bank is also doubling the size of its scam prevention and protection team, whose only function is to protect customers against scams and fraud.
According to the data provided by the ACCC, Australians lost over A$2bn in 2021.
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By GlobalDataDuring the same period, CBA claims to have prevented or recovered more than A$100m in scams targeted at its customers.
CBA executive general manager of Everyday Banking Kate Crous said: “Cybercrime is skyrocketing and 92% of Australians have already been exposed to scams. As scammers become more sophisticated, devious and harder to identify than ever, we want to help our customers feel safe when banking on their devices, knowing we are doing whatever we can to protect, detect and resolve issues they encounter.
“Beyond these changes there is more to come in terms of how we are systematically addressing the distressing impact of scams on our customers.
“Industry, business, the community and government need to come together to raise awareness on this issue, take action to prevent it and support those impacted.”
Early this year, CBA announced plans to launch a technology hub in South Australia.
