Expansion of Scam Indicator TechnologyTelstra
Commonwealth Bank of Australia (CBA) and Telstra have announced the extension of their Scam Indicator technology to landline phones. Originally launched last year to protect mobile phone users, this technology now aims to safeguard traditional landline users from phone-based scams.
How Scam Indicator Works
Scam Indicator employs sophisticated algorithms to analyze secure indicators and flag potential scam calls in real-time. Upon detecting a scam, the technology alerts CBA’s fraud unit, which then applies necessary blocks, holds, and declines to prevent fraudulent transactions. Additionally, the system sends real-time alerts to affected customers via text messages through the CommBank app or NetBank, allowing them to stop fraud immediately.
Increased Coverage and Target Demographics
The extension to landlines increases Scams Indicator’s coverage by 25%. Despite a decline in overall landline usage over the past decade, landlines remain crucial for many Australians, particularly the elderly. Telstra data shows that over 85% of residential landline services go to Australians over 60, underscoring the need to expand scam protection for this demographic.
Fraud Impact on the Elderly
In 2023, Australians aged 65 and over suffered losses exceeding $121 million due to fraudsters, according to the National Anti-Scams Centre. This age group experienced the highest losses among all demographics, underscoring the urgent need for enhanced protection.
Collaboration and Technology Development
Scam Indicator was developed through a collaboration between CBA and Quantium Telstra. This partnership combines Telstra’s telecommunications expertise with Quantium’s data science and AI technology. Sandy Cameron, CEO of Quantium Telstra, emphasized that landlines are still essential but vulnerable to scams. The expansion aims to protect the most vulnerable members of the community.
Recent Successes and Future Commitments
CBA’s General Manager of Group Fraud, James Roberts, reported that the technology recently prevented a senior customer from losing $70,000 to online fraud.