Australian bank CommBank has launched two new defensive assets aimed at safeguarding customers against fraud, scams, financial crime, and cyber threats. These initiatives follow a successful strategy that resulted in a 76% reduction in scam-related customer losses since early 2023. The first asset is a generative AI-powered Scam Checker, integrated into the Truyu digital identity protection app by x15ventures. Users can instantly analyze suspicious texts by taking screenshots and uploading them to the app. The second asset, incorporated into the CommBank app, requires customers to verify certain online card transactions in real time, enhancing protection against scams that use fraudulent messages. This feature provides clearer alerts than traditional text messages. Additionally, CommBank has previously implemented measures like in-app authentication and limiting cryptocurrency transactions to combat rising scam activities. These enhancements reflect CommBank’s commitment to improving customer security and tackling evolving financial threats.
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