The consumer watchdog is urging the major banks to adopt a key measure to prevent scammers from cheating money out of unsuspecting victims after Australians lost a record $2 billion to fraudsters last year.
The bank also announced on Monday that it will start using artificial intelligence to track customers’ behaviour, including things like mouse clicks and keystrokes, so they can detect any unusual changes. It is also doubling the size of its scam prevention and protection team. However, Australia’s big four banks have not committed to introducing the measure, and have pointed instead to the New Payments Platform’s PayID initiative which banks argue already blocks those scams from happening. PayID works by linking someone’s bank account to an easy-to-remember piece of information like a mobile number or email address.
“Australian banks are working hard to protect customers against the growing threat of scams and encouraging an increased use of PayID is an important part of this work,” said ABA chief Anna Bligh. CBA’s executive general manager of everyday banking, Kate Crous, said on Monday that the bank prevented or recovered over $100 million scams in 2021.
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