Banks increase fraud protection
By Tertia Butcher
Bendigo Bank customers are now amongst the safest banking customers in Australia thanks to new advanced security tool, NameCheck.
The announcement was made last week, following a collaboration between Bendigo Bank and Australia’s largest bank, Commonwealth Bank, to provide increased protection from scams and fraud to its 2.5 million customers.
NameCheck, is now being used to screen all payments made by Bendigo Bank and Up customers whenever they enter the BSB and account number for a new payee. Using the insights from available payment data, NameCheck will give an indication of whether the details provided look legitimate.
Bendigo Bank’s Chief Digital Officer and CEO of Up, Xavier Shay, said the introduction of NameCheck, as part of a pilot with digital bank Up, had already detected and stopped more than 61,000 mistaken or scam payments made by ‘Upsiders’ since February this year, which would have totalled more than an estimated $26 million.
“This technology is now proven to reduce the impact of scams and the risk of mistaken payments, so we’re proud to provide our customers with additional confidence when making direct payments online from today,” Mr Shay said.
“This is just one example of how we work with other industry participants where it makes sense to keep our customers safe. 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.
“As we work towards the delivery of an industry-wide solution to confirmation of payee in 2025, Bendigo Bank is putting measures in place to help keep our customers safe now, beyond the current regulatory requirements, and in line with our commitment to the Australian Banking Association’s Scam-Safe Accord.”