Commonwealth Bank of Australia (CBA) has taken a proactive step in the fight against scams by integrating into the AFCX’s intel loop, a platform that allows organisations to quickly share verified information to combat fraudulent activities.
Since joining the loop, CBA has submitted over 1,200 entries containing scam phone numbers and dodgy URLs, with a focus on reducing SMS phishing scams. According to the National Anti-Scam Centre (NASC), phishing was the most common type of scam attempted in 2023.
While overall scam losses in Australia have started to decrease, CBA acknowledges the importance of collaboration across industries, government, and law enforcement to make Australia a less attractive target for scammers.
James Roberts, General Manager Group Fraud at CBA, emphasized the need for a ‘whole-of-ecosystem’ approach to combat scams, with the majority originating outside the banking sector through fake websites, texts, and social media advertisements.
CBA’s commitment to sharing intelligence across industries aims to strengthen the nation’s response to scams. Mr. Roberts highlighted the reduction in customer losses to scams but stressed the importance of continued efforts.
The integration into the intel loop adds another layer to Australia’s defense against scams, with CBA urging other key industry players to join in sharing intelligence. The more organisations that contribute, the stronger the nation’s defenses will be against fraudulent activities.
