With an intent to prevent more Australians from falling victim to scams, the Commonwealth Bank of Australia (CBA) has introduced the latest artificial intelligence (AI) technology to detect suspicious behavior on its digital banking platforms. The AI keeps customers’ banking experience safe by alerting them of potential scams.
The new AI-based technology uses machine learning techniques to track unusual changes to how customers usually interact with their devices. The AI is an extension of the comprehensive scam and fraud protection strategy of CBA.
Customers develop certain behaviors, habits, and patterns concerning their banking. For example, patterns relating to when they use the services, on what devices, their keystrokes, and their mouse usage. Deviations from such patterns could be perceived as a sign that either their accounts have been compromised or someone else is using their device.
The new protect, detect, and resolve approach is aimed at identifying irregularities or scams and shutting down actions not authorized by the customer.
CBA is also increasing its investment in fraud protection and releasing educational videos to inform customers how to protect themselves from scams. CBA is also doubling the size of its scam prevention and protection team.
Along with the new AI detection system, CBA is also introducing two-way push notifications that are safer than one-way SMS messages. If the login is not recognised by the customer, the scam and fraud detection platform of CBA takes immediate protective actions.