Commonwealth Bank of Australia (CBA) plans to expand its NameCheck anti-scams technology to government organizations and other financial service companies in Australia. The technology, which helps prevent false billing scams and mistaken payments, has already saved CBA customers over $11 million since its launch in March 2023. NameCheck will be gradually introduced to business customers on the CommBiz platform, and CBA intends to offer it to other companies and payment processors later this year.
Facts
- Commonwealth Bank of Australia (CBA) will offer its NameCheck anti-scams technology to government organizations and financial service companies in Australia.
- NameCheck has already saved CBA customers over $11 million in mistaken payments since its launch in March 2023.
- The service is being gradually extended to business customers on the CommBiz platform.
- CBA plans to offer NameCheck to other companies and payment processors later this year through a secure API.
- Other organizations with appropriate controls and oversight will be able to benefit from CBA’s payment capabilities.
- NameCheck applies advanced technology to verify the accuracy of account names entered by customers.
- CBA aims to strengthen the overall payments ecosystem in preventing financial loss by making NameCheck available outside of CBA.
