Commonwealth Bank of Australia (CBA) has introduced three new security features in the CommBank app designed to enhance protection against scams and reduce customer losses.
The new Review digital wallet feature allows customers to see all digital wallets linked to their CommBank payment details and remove any unrecognised ones.
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With 7.3 million digital wallets containing CommBank payment details, this feature aims to offer an additional layer of security.
CommBank also sends alerts when a card is added to a new digital wallet, enabling customers to act if they did not authorise the action.
Another feature provides scam warnings for certain first-time payments, offering protection for customers who may unknowingly be about to pay a scammer.
These warnings are tailored to the type of payment being made and appear just before the transaction is completed.
The new QR Cardless functionality verifies individuals making deposits or withdrawals using the CommBank app, eliminating the need for a physical card.
This feature replaces cardless cash, cardless deposit, and ATM deposit codes, while allowing for higher deposit limits up to A$10,000 ($6,474.2).
CommBank head of group fraud James Roberts said: “These extra security measures are designed to help disrupt scams and fraud, and ultimately make Australia less attractive to scammers.
“Having recently seen our customer scam losses halve over the last financial year we know what we are doing is having a positive impact, but there is more to be done.
“These innovative security features help customers stay in control. Extending these measures to more customers helps the country strengthen its defences against crime.”
CommBank said it has invested A$800m in the past financial year to protect its customers from cyber crime, fraud, and scams.
In June, CBA launched new products, services, and features for business customers to address their banking needs.
