In a new partnership, the Commonwealth Bank of Australia and Vodafone Australia have joined forces to share information on scams in order to enhance their ability to prevent fraudulent activity. Through a pilot program, they will share real-time insights on SMS scams, allowing Vodafone to identify and disrupt scammers while CBA can block suspicious payments. The goal is to develop measures that protect customers from the increasing threat of SMS scams, particularly during the festive season. CBA’s data shows that fraudulent text and email messages are the most prevalent scams affecting customers. By sharing intelligence, both companies can proactively investigate, analyze, and block fraudulent payments. The National Anti-Scam Centre found that in November 2023 alone, scammers defrauded victims of over $24.5 million through text messages. Vodafone has been actively working to protect consumers by blocking over 67.8 million SMS scams this year. This partnership is in line with the wider efforts in Australia to combat scams and fraud, with banks implementing new payment confirmation systems and technology. CBA believes that a collaborative approach across industries is necessary to address scams, and it has also developed technologies like NameCheck and the scam indicator.
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