CommBank has reported a 76% drop in customer scam losses since peak levels in 1H23, alongside more than $900 million invested in FY25 to fight fraud, scams, financial crime, and cyber threats.
A key part of its latest efforts is Scam Checker, a free generative AI tool launched within Truyu, the bank’s digital identity protection app. The feature allows Australians to screenshot suspicious text messages, upload them to the app, and receive instant analysis.
“Scam Checker uses Gen AI and CommBank scams intelligence – it’s a powerful combination,” said Melanie Hayden, managing director at Truyu. “There’s no single solution to stop scammers, but people can help protect themselves when they stop and check. Scam Checker is another great way to check.”
“When you upload a suspicious text to Scam Checker, you’re not just protecting yourself,” Hayden said. “You’re also helping keep others safe by sharing valuable information that can be used to help protect them too.”
Truyu, launched last year by CommBank’s x15ventures, already alerts users when their identity is used at major merchants or exposed in a data breach, guiding them on next steps.
From this month, certain online card transactions will require real-time verification via the CommBank app rather than one-time passcodes sent by SMS.
“Scammers often impersonate legitimate businesses by sending fraudulent text messages to trick customers into following instructions in the message,” said James Roberts (pictured), CommBank’s general manager of group fraud, in a media release.
“We’re now asking those customers who use the CommBank app to verify some online card transactions directly in the app instead of sending them a code. We are able to give clearer guidance and warnings in the app than in a text message.”
Roberts said the move builds on earlier in-app authentication measures to prevent unauthorised access to accounts, even if a scammer has a customer’s password.
Industry experts warn scams are becoming more sophisticated, often using AI to mimic voices, create deepfake messages, and bypass traditional security measures.
According to the Australian Bureau of Statistics, one in 10 Australians experienced personal fraud in 2023–24, up from 2.5% the year before. Banks and regulators, including ASIC, have stepped up scam-prevention efforts, but vigilance remains key.
“Scammers will typically go after information that allows them to conduct the most damage,” said Ben Shapira, a lecturer at Swinburne University of Technology.
For brokers, this means educating clients on scam awareness, encouraging secure communication, and leveraging tools like CBA’s Scam Checker to protect both customer data and deal integrity.
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