CommBank has made a significant move to protect its customers from financial scams by launching three new security measures within its app. With Australians linking over 7 million digital wallets containing CommBank payment details, these new measures aim to enhance security, prevent scams, and reduce customer losses.
Innovative digital wallet security
In an Australian major bank first, CommBank now allows customers to view all digital wallets connected to their payment details through the app. This “Review Digital Wallet” feature empowers users to quickly identify and remove any unauthorized wallets, strengthening protection against fraudsters who seek to exploit digital payment technology.
Head of Group Fraud, James Roberts, highlighted that this measure specifically targets "phishing" scams—an increasingly prevalent method where criminals steal personal information via fraudulent links. By offering real-time updates when cards are added to new digital wallets, customers can better monitor and control their accounts.
Enhanced in-app scam warnings for first-time payments
Another newly launched feature includes intelligent warnings for first-time payments. Tailored alerts will appear, urging customers to reconsider transactions that may be scams. The bank’s NameCheck technology cross-references account names and numbers, offering an added layer of security for such transactions. CommBank's pilot showed that these messages helped customers pause, think, and, in some cases, abandon potentially fraudulent payments.
Introducing QR cardless transactions
CommBank has also introduced a QR Cardless feature, enabling deposits and withdrawals via the CommBank app without a card. This feature aims to prevent unauthorized access and increases deposit limits for customers who prefer mobile transactions.
James Roberts emphasized the bank’s ongoing commitment to tackling scams and adapting to the evolving fraud landscape, with $800 million invested over the past year in anti-crime measures.