Australia-based Commonwealth Bank has announced that Bendigo Bank and fraud monitoring company Satori are set to pilot its NameCheck tech to protect Australians from scams and mistaken payments. NameCheck leverages advanced technology and CBA’s available payment data to indicate whether the provided account details are correct.

CBA introduced NameCheck to retail customers and on some payments made by business customers earlier in 2023, and following its March launch, the tech has helped prevent over 10,000 scam payments and reduce mistaken payments. CBA’s NameCheck and its effect on fraud prevention for Bendigo Bank and Satori Per the announcement information, currently, the NameCheck tech is extended to Bendigo Bank to be added to its Up app and Satori which monitor financial controls for Australian brands like Coates, and a multitude of the region’s most known industry and government organisations. NameCheck can be added to an institution’s mobile or online experience, backend operations software, or existing scam prevention capabilities through a simple integration.

Bendigo Bank’s officials believe the introduction of NameCheck has the potential to help customers and further reduce instances of scams, alongside the risk of mistaken payments, and consider collaboration on solutions important in providing customers with confidence when making direct payments online. As cyber fraud is a complex, evolving, and ongoing challenge, the industry, government, regulators, law enforcement, telcos, and internet platforms should cooperate to better combat it. More to this point, Satori officials believe the incorporation of NameCheck to be an essential service to its corporate customers in detecting and reducing scams and mistaken payments to their suppliers.

Per their statement, Australian institutions have recognised the high costs stemming from errors, non-compliance, and fraud in their financial processes, and the company is looking to collaborate with CBA and extend the NameCheck service to its corporate customer base to complement the current AI-driven financial controls monitoring service driving operational efficiency and preventing fraud. The partnerships follow CBA’s progressive rollout of the NameCheck tech to its business customers, which is set to cover almost all payments processed through CommBiz. When commenting on the news, CBA officials advised that the collaborations with Bendigo Bank and Satori aim to build on the bank’s commitment to a ‘whole-of-ecosystem national approach to scam prevention’.

Earlier in May it announced its intent to extend the NameCheck tech to other trusted institutions in Australia, and the enterprise is looking forward to collaborating with these companies, both of which play an important role in the payment ecosystem, with the spokesperson adding that the scams and fraud that cost Australians and businesses billions annually indicates that a whole of ecosystem response is required to combat the issue. The press release also highlights CBA-commissioned research findings, which show that 20% of Aussie businesses have yet to act to respond to the increased threat of scams, with up to 500,000 businesses left without a plan to address scams. Among those to have acted, the most common steps to have been taken or to be taken include checking bank accounts/statements and invoices more regularly/thoroughly (46%), updating/upgrading software (40%), engaging third-party suppliers (29%), and offering staff additional training (25%).

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