Commonwealth Bank has embarked on a partnership with Vodafone which aims to bolster defenses against the escalating threat of SMS scams.
The core objective of this partnership is to combat the rising menace of SMS scams. Both entities have initiated a pilot program for sharing scam-related intelligence in near real-time. This collaboration enables Vodafone to swiftly identify and counteract scam activities, while CBA can proactively block suspected fraudulent transactions.
Commonwealth Bank is renowned for its comprehensive financial services, offering everything from personal banking to sophisticated investment solutions. Its dedication to customer security is evident in its proactive measures against financial fraud.
Vodafone, on the other hand, is a telecommunications giant providing a wide range of services including mobile and broadband. The company has established itself as a frontrunner in customer data protection and network security.
This partnership is particularly crucial given the festive season, a period typically marked by a spike in scam activities. The latest statistics from Australia’s National Anti-Scam Centre indicate that text messages have become the preferred method for fraudsters, with losses exceeding $24.5m this year.
James Roberts, General Manager of Group Fraud at CBA, highlighted the prevalence of phishing scams, which trick customers into divulging sensitive information. Simultaneously, Simone Sant, General Counsel and General Manager Corporate Security at Vodafone, emphasized Vodafone’s commitment to customer safety and its initiative in setting up a cross-industry fraud forum in 2020.
Additional insights reveal that Vodafone has successfully blocked over 67.8 million SMS scams this year. In contrast, CBA has invested about $750m in cybersecurity, illustrating the depth of its commitment to customer safety. Both organizations are focused on minimizing financial harm from SMS scams through their collaboration.
Commonwealth Bank General Manager of Group Fraud James Roberts said, “This pilot and timely intelligence sharing between CommBank and Vodafone allows us to proactively investigate and analyse the latest SMS scams in near real-time to ultimately help disrupt, detect and proactively block fraudulent payments.”
Vodafone General Counsel and General Manager Corporate Security Simone Sant said, “Working with industry leaders like Commonwealth Bank allows us to share information and resources to help protect our customers and empower thousands of Australians to hang up on scammers.”
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