The newly introduced technology leverages machine learning techniques for tracking abnormal changes to the way in which customers usually interact with their devices
A branch of Commonwealth Bank in South Australia. (Credit: Mattinbgn/Wikimedia Commons)
Commonwealth Bank (CBA) has deployed new artificial intelligence (AI) technology for identifying suspicious and unusual behaviour on its digital banking platforms with an objective to keep more customers safe by alerting them to possible scams.
According to the Australian banking group, the technology leverages machine learning techniques for tracking abnormal changes to the manner in which customers usually interact with their devices.
Commonwealth Bank said that deviations from customers’ normal patterns relating to their banking activities can indicate compromising of their accounts or that some other person is using their devices.
Commonwealth Bank everyday banking executive general manager Kate Crous said: “Cybercrime is skyrocketing and 92 per cent of Australians have already been exposed to scams. In 2021 we prevented or recovered more than $100 million in scams targeted at our customers.
“As scammers become more sophisticated, devious and harder to identify than ever, we want to help our customers feel safe when banking on their devices, knowing we’re doing whatever we can to protect, detect and resolve issues they encounter.
“Beyond these changes there is more to come in terms of how we’re systematically addressing the distressing impact of scams on our customers.”
Apart from the new AI detection system, the bank is introducing two-way push notifications in the CommBank App, which is said to be safer than one-way SMS messages.
The bank said that it sends additional security alerts regarding transactions that look suspicious. It said that if customers do not recognise the logons, then its scam and fraud detection platform will take the suitable protective action and encourage the affected customers to reset their password.
The group is also said to be increasing its investment in protection from scams and fraud, grow the size of its scam protection and prevention team by two-folds, and releasing educational videos to help customers safeguard themselves from scams.