Big Upside To New Anti-Fraud Technology Pilot

Nov 27, 2023

Up’s pilot of CBA’s anti-fraud technology is expected to further reduce instances of scams and fraud for Up and its 750,000 customers as the sector unites to defeat a common enemy.

Embargoed: 9am (AEDT) Monday, 27 November 2023

Up and Commonwealth Bank have today announced a partnership that will see the digital bank add confirmation of payee functionality to the country’s highest-rated banking app*.

Up, part of Bendigo Bank, will kick off a pilot of Commonwealth Bank’s NameCheck technology which gives customers an indication of whether payee names and account details match, early in 2024.

The new feature will complement existing scam prevention capabilities already protecting Up’s 750,000 customers (or Upsiders) from scams and fraud, including:

  • ‘selfie’ identity verification and multi-factor authentication
  • a dedicated security team constantly monitoring for suspicious activity
  • unusual account activity detection.

Up CEO Xavier Shay said the pilot program using currently available technology was an example of the collaborative approach the industry was taking to defeat scammers.

“Scams and fraud affect everyone, so we are really pleased to be able to participate in this pilot. By working together and considering new ways of tackling common problems, we can be more effective as an industry,” Mr Shay said.

According to Commonwealth Bank, since its launch in March 2023, it’s NameCheck technology has prevented more than 10,000 scam payments which would have totalled in excess of an estimated $38 million and has reduced mistaken payments by more than $100 million.

CBA Group Executive Business Banking, Mike Vacy-Lyle, said this partnership builds on the Bank’s commitment to a ‘whole-of-ecosystem’ national approach to scam prevention.

“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.

Bendigo Bank’s Chief Transformation Officer, Ryan Brosnahan, said the introduction of the confirmation of payee feature as part of this pilot is a welcome development in the Bank’s response to, and management of, the growing threat of scams and fraud.

“We are proud to work with our peers on solutions that provide our customers with additional confidence when making direct payments online,” said Mr Brosnahan.

“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.”

Upsiders who think they might have been scammed or who need support can call 1300 002 258.