Yahoo Finance Commonwealth Bank and Telstra's 'essential' change to protect older Aussies
The bank will now be able to contact people with landlines and tell them if they're being scammed in real-time.
Commonwealth Bank (CBA) and Telstra have teamed up to help protect more Aussies from scams. While many people across the country have done away with landline phones, they're still being used by the older population.
Telstra data revealed that 85 per cent of landline numbers belong to a person over the age of 60. That's why CBA and the telco have expanded their anti-scam technology Scam Indicator to cover these types of phones.
"Landlines are still an essential service for many Australians, but they can also be a target for opportunistic scammers who prey on people's trust and goodwill," Quantium Telstra CEO Sandy Cameron said.
"Expanding Scam Indicator to cover landlines means we’re able to help safeguard those in our community that are most vulnerable to being targeted by cyber criminals."
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How does the anti-scam technology work?
Scam Indicator was rolled out to mobile phones in 2023 for Telstra and CBA customers.
It uses a Telstra Application Programming Interface (API) that allows CommBank to identify high-risk scam situations in real-time.
CBA's Fraud Team can send a message to a customer to let them know that they might be in the process of being scammed if they're on a phone call.
The bank can also apply holds or blocks on a customer's account if they suspect the person is about to send over large amounts of money.
Have you been scammed? Email stew.perrie@yahooinc.com
Since the technology was rolled out, Aussies have saved "millions of dollars" in money that "could have been impossible to recover".
CommBank’s General Manager of Group Fraud James Roberts said scammers often try to create a sense of urgency and convince victims to send money to them while they're still on the phone.
“As an example, our teams recently used this technology to help stop an elderly customer from being scammed when she was talking to a scammer using her landline," he explained.
"The customer had been convinced by the scammer to download software that gave them full access to her computer and banking information."
The Scam Indicator technology allowed them to watch the customer's bank account and decline around $70,000 in transactions.
Older Aussies are at a huge risk of getting scammed
The rollout will be a major step forward in protecting older Aussies from being scammed.
National Anti-Scam Centre data shows people over the age of 65 lost more money to scammers in 2023 than any other age group, and phone calls were the number one contact method used by criminals.
Aussies aged over 65 also made the most scam reports in the first quarter of 2024.
“Working together with Telstra is a good example of the power of collaboration, using data and technology for good with security and privacy at the forefront," Roberts said.
"We know we are stronger together against the scammers when we take a whole of ecosystem approach – banks, social media, telcos, government, and also consumers, all have a role to play."
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How do I protect myself from scammers?
Aussies lost $2.7 billion to scams last year, with 601,000 cons reported to authorities, according to a new report from the Australian Anti Scam Centre.
That's down from a record $3.1 billion the year previous, however, the number of scams reported went up by 18.5 per cent. Over 65s were the hardest hit and only group to take a higher loss in the last year.
Investment scams are the most prolific, with $1.3 billion lost, followed by remote access scams ($256m) and romance scams ($201.1m).
Scamwatch warns to beware of the following scenarios:
It’s an amazing opportunity to make or save money
Someone you haven’t met needs your help - and money
The message contains links or attachments
You feel pressured to act quickly
They ask you to pay in an unusual or specific way
They ask you to set up new accounts or Pay ID
What should I do if I think I’ve been scammed?
Contact your bank and report the scam. Ask them to stop transactions and stop sending any money.
Report the scam to Scamwatch here and make an official complaint to police here.
Watch out for follow up scams, particularly ones promising they can get your money back. Scamwatch warned one in three victims of a scam are scammed more than once.
Lastly, get support for yourself. You can talk to a financial counsellor or reach out to BeyondBlue on 1300 22 4636 or here for an online chat or Lifeline for crisis support online here on 13 11 14.
You can also contact IDCARE to “reduce the harm they experience from the compromise and misuse of their identity information by providing effective response and mitigation”.
