CommBank Adds Three New Anti-Scam Security Features in its APP

The Commonwealth Bank of Australia (CBA or CommBank) has launched three new security features in its app to fight scams and drive down customer losses.

With 7.3 million digital wallets linked to CommBank payment details, the Review digital wallet feature allows customers to view all digital wallets associated with their payment details and remove any unrecognized ones. The bank also sends alerts when a card is being added to a new digital wallet, enabling customers to take immediate action if unauthorized.

This feature specifically targets the widespread "phishing" scams.

Additionally, CommBank has introduced new interactive in-app security warnings to protect customers making first-time payments. These intelligent warnings, customized to the type of payment, will appear in the app to alert customers to potential scams right before they send money.

The Bank has also introduced new QR Cardless functionality, which will verify users making transactions from CommBank through its app. This move aims to enhance protection against financial crime and allows for higher deposit limits for those who prefer not to carry cards.

James Roberts, CommBank’s Head of Group Fraud, emphasized the bank’s commitment to fighting the evolving landscape of scams and fraud. “These extra security measures are designed to help disrupt scams and fraud, and ultimately make Australia less attractive to scammers,” he said.

CommBank invested $800 million in the past financial year to safeguard its customers against cybercrime, fraud, and scams.