Bendigo Bank will pilot the CBA’s NameCheck technology in subsidiary Up’s banking app.
NameCheck indicates whether the account details provided in an online transaction look legitimate.
It’s been used by CBA for its retail customers this year, and the bank says it’s “prevented more than 10,000 scam payments” worth more than $38 million, and “reduced mistaken payments by more than $100 million.
Fraud monitoring company Satori is also looking to pilot the same technology. Satori monitors financial controls for brands like Coates, and other industry and government organisations.
In May, CBA announced that it would offer NameCheck to other banks. Bendigo’s decision makes it the first independent bank to take up the offer.
Bendigo said NameCheck will start working in the Up app early in 2024.
CBA said it designed NameCheck to be easily integrated with an institution’s mobile or online software, or its backend operations software.
CBA group executive business banking Mike Vacy-Lyle described the partnership as part of a “whole of ecosystem” approach to preventing scams.
“With scams and fraud costing Australians and businesses billions of dollars annually, it’s clear a whole of ecosystem response is needed to combat this problem. We are proud to be able to extend our industry-leading technology to others and contribute to protecting more Australians against cyber criminals,” Vacy-Lyle said in a statement.
