Bendigo Bank, Satori to trial CBA NameCheck anti-scam technology
CBA will supply its NameCheck technology to Bendigo Bank and Satori to allow their customers to check bank details match existing data before making a transaction.
Bendigo and Adelaide Bank and fraud monitoring company Satori have signed deals to trial Commonwealth Bank’s NameCheck anti-fraud technology, which will allow their customers to see whether accounts they are transferring funds to match existing details.
The deal will see Bendigo Bank trial CBA’s system, which the bank rolled out in May, on its Up brand, with a pilot kicking off in early 2024.
Bendigo Bank said the trial would cover almost 750,000 customers and would join several other anti-scam capabilities across the platform, including “selfie” identification and multi-factor authentication.
This comes amid a broader push by the banking industry to roll out standards governing anti-scam technology, in an alliance announced on Friday.
Up chief executive Xavier Shay said the plan to use currently available CBA technology showed the impact of collaboration across the industry.
“Scams and fraud affect everyone, so we are really pleased to be able to participate in this pilot,” he said.
“By working together and considering new ways of tackling common problems, we can be more effective as an industry.”
Bendigo Bank chief transformation officer Ryan Brosnahan said the confirmation of payee technology was a welcome addition, but warned more work was needed to tackle scams and fraud.
“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,” he said.
Fraud monitoring company Satori will also incorporate the NameCheck technology in its platform to allow corporate customers to check details prior to making payments to suppliers.
Satori growth executive director Mark Bookatz said the technology would “complement the existing AI-driven financial controls monitoring service”.
CBA is progressively rolling out the NameCheck technology throughout the business, with the business bank a key target in a bid to stamp out payment problems.
CBA business banking group executive Mike Vacy-Lyle said a “whole of ecosystem response” was needed to combat scams and fraud.
“We are proud to be able to extend our industry-leading technology to others and contribute to protecting more Australians against cyber criminals,” Mr Vacy-Lyle said.
Speaking last month, CBA chief executive Matt Comyn said CBA would seek to charge for the use of its NameCheck technology on a “cost recovery basis”.
“We’re not looking to generate returns in terms of how we might be able to protect the financial industry,” he said.
The deal between CBA, Bendigo Bank and Satori comes as the broader banking sector mobilises to combat scams and fraud. On Friday last week the banking industry announced an alliance across big and small institutions to invest in anti-scams platforms.
The Albanese government has prioritised the issue, putting money towards monitoring centres.
The deal, co-ordinated across the Australian Banking Association and the Customer Owned Banking Association, sees the banks commit to comprehensive new rules across the industry governing payments, including slowing down some transactions and implementing caps on some payments to certain platforms.
Assistant Treasurer Stepehen Jones said the government was also prioritising action from the telecommunications sector to combat scam messaging.
CBA and Telstra inked a deal in October to launch a Scam Indicator pilot, which is aimed at picking up phone scams that try to trick users into transferring large sums.
ABA chair Anna Bligh said Australia was a target for criminal gangs due to its status as an “affluent country”.
“That means we do have to be vigilant, it means we have to look at continually investing in safer systems,” she said.
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