Submitted by
Commonwealth Bank Australia
Australia’s leading provider of financial services including retail, premium, business and institutional banking, funds management, superannuation, insurance, investment and sharebroking products and services. We are a business with more than 800,000 shareholders and over 52,000 employees. We offer a full range of financial services to help all Australians build and...
AustraliaCategory
Product and Service InnovationKeyword
Customer experience, Cybersecurity & Authentication, Payments
Innovation presentation
Australia is grappling with a significant increase in fraud and scams, and the financial sector is bearing the brunt of this growing threat. As a result, customers are frequently encountering false billing scams and mistaken payments, leading to financial losses and a decline in trust.
Launched to CBA customers in March 2023, NameCheck is an Australian banking first security tool that leverages machine learning to determine the likelihood that the account details provided matches. If something doesn’t look right, NameCheck will prompt users to verify the account details and confirm with the intended recipient prior to payment, reducing the risk of mistaken payments and scams.
NameCheck can also help avoid false billing scams, or business email compromise - when a scammer hacks into a business’ email account and redirects existing payment requests or initiates new falsified payment emails.
NameCheck has also been made available for other institutions, governments and businesses to use via CBA’s NameCheck API service that launched in November 2023.
Since July 2023, NameCheck has prevented $650 million in mistaken and scam payments on CBA platforms, screening 80 million transactions. Offered via an API to external organisations, it has also prevented an additional $72+ million in mistaken payments, scams and fraud.
Interested in learning more?
Qorus has a library of almost 8,000 innovation case studies across critical areas like customer experience, sustainability, marketing & distribution and more that can be used to inform your decision-making.