CommBank reveals new anti-scam protections
Commonwealth Bank has announced three security features for digital wallets, first payments and card-not-present transactions.
Commonwealth Bank has introduced three new security features to combat scams and keep its customers safe.
The new ‘Review Digital Wallet’ feature – the first of its kind in Australia – will allow customers to easily view payment details via the CommBank app and remove any digital wallets they have been linked to and do not recognize not.
“A digital wallet is an app on a phone, tablet or watch to which a customer adds their payment information, so they can make purchases by tapping the device or making an online payment, without needing to use a card”, James Roberts, director of CommBank. of group fraud, said in a statement.
“Criminals regularly phish for personal information by sending customers a link to a questionable website. This may result in customers sharing personal banking information, such as their card details, bank authorization codes and digital banking credentials. This information can allow fraudsters to add the card details to a digital wallet on the fraudster’s mobile device.
In addition, the first payments will now be accompanied by “interactive and intelligent warnings” adapted to the transaction in order to protect customers against possible fraudsters.
“We’ve now added an extra layer of protection and are displaying personalized messages and questions for some first-time payments. How customers answer these questions helps us encourage them to reconsider before making payment,” Roberts said.
“We know that since the pilot, these messages have really helped customers pause and think about payments, and in some cases, they have taken additional steps to confirm that they were not victims of a scam. This is exactly the behavior we seek to support, and we’ve seen abandoned payments, which could have saved customers from scams.
Finally, the Cardless QR feature is a new way to verify customers who want to make a withdrawal or deposit and will replace Cardless Cash, Cardless Deposit and ATM Deposit Codes.
“It’s about balancing the need to introduce smart frictions, such as transaction blocks, limits and declines for higher risk activities, while simultaneously ensuring a seamless, safe and secure digital payment experience for our customers. customers. It’s a delicate balance, but necessary to help customers protect themselves from scams,” Roberts said.
