Australian lender Bendigo Bank and fraud monitoring firm Satori are each set to pilot Commonwealth Bank of Australia (CBA)’s NameCheck technology with an aim to safeguard Australians from scams and mistaken payments.
The new collaborations come as CBA progressively introduces the anti-fraud technology to its business customers which will cover almost all payments processed via CommBiz.
Launched in March 2023, NameCheck leverages advanced technology and CBA’s available payment data to determine if the provided account details are correct.
NameCheck, which was introduced to retail customers and on certain payments made by business customers, is said to have prevented over 10,000 scam payments and reduced mistaken payments by over A$100m.
CBA’s technology will be extended to Bendigo Bank’s Up app as well as to Satori.
Bendigo Bank chief transformation officer Ryan Brosnahan said: “We are proud to work with our peers on solutions that provide our customers with additional confidence when making direct payments online.
“Cyber fraud is a complex, evolving, and ongoing challenge that the industry, government, regulators, law enforcement, telcos and internet platforms must work together to combat.”
According to CBA, NameCheck can be added by easily integrating to an institution’s mobile or online experience, backend operations software, or to existing capabilities in scam prevention.
CBA business banking executive Mike Vacy-Lyle said: “With scams and fraud costing Australians and businesses billions of dollars annually, it’s clear a whole of ecosystem response is needed to combat this problem.
“We are proud to be able to extend our industry-leading technology to others and contribute to protecting more Australians against cyber criminals.”
In September this year, CBA’s venture-scaling arm, x15ventures signed an agreement to acquire cloud-based invoice lending platform Waddle.
