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CommBank has expanded its partnership with Telstra to implement a new 'Fraud Indicator' technology, aiming to bolster protection against identity theft for Australians.
This technology, developed by Quantium Telstra in allicance with CommBank, allows for the secure sharing of unusual mobile service usage data to enhance fraud detection.
The Fraud Indicator technology, which became operational earlier this month, is anticipated to increase CommBank's ability to identify fraudulently opened accounts by over 25% for customers who use both CommBank and Telstra services.
This advancement is a continuation of the companies' joint efforts to fight financial crimes, following the deployment of the Scam Indicator technology last year.
The Scam Indicator, also a product of the Quantium Telstra and CommBank partnership, is said to have played a key role in identifying and blocking suspected scam calls, safeguarding customers from potential losses amounting to millions of dollars.
Initially launched to monitor mobile communications, the technology has since been extended to include landlines, providing additional protection for the most at-risk individuals.
Quantium Telstra CEO Sandy Cameron said: “Fraudsters show some distinctive behaviours and patterns when it comes to mobile phone usage.
“When this information is combined with an organisation’s own insights and analysis, Fraud Indicator becomes a powerful tool to prompt interventions, potentially disrupting fraud attempts earlier.
“As an example, a fraudster signing up for a new bank account provides a mobile number to receive passcodes and authenticate the account. By accessing insights on how this mobile service is used – which differs from normal behaviours – CommBank can better assess the risk that this is a bad actor and potentially stop fraudulent accounts from being opened.”
"CommBank, Telstra expand alliance to boost fraud detection" was originally created and published by Retail Banker International, a GlobalData owned brand.
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