Vodafone and CBA are now sharing SMS scams intelligence in near real-time to help disrupt, detect and proactively block fraudulent payments, as part of a collaborative and cross-industry national pilot.
Commonwealth Bank (CBA) and Vodafone have announced a new intelligence sharing pilot designed to help protect customers from rising SMS scams.
The pilot sees Vodafone and CBA sharing SMS scam-related intelligence in near real-time, allowing the telco to identify and disrupt scammers, while the bank may implement proactive blocks on suspected fraudulent payments.
James Roberts, General Manager of Group Fraud at CBA, says there are increased risks at this busy time of year as we head into the festive season.
“Our latest data shows that fraudulent text and email messages are the number one scam trend impacting our customers. This phenomenon, otherwise known as ‘phishing’, involves fraudsters tricking unsuspecting customers to click on an embedded link and share their online banking and card details, as well as personal information.
“Not only are scammers becoming increasingly sophisticated, but we tend to see an uptick in attempted and successful scams at certain times of the year, such as the festive season. With this heightened risk, we recommend people remain alert for potential scams, including those delivered via SMS with messages imitating major courier or postal companies.
“This pilot and timely intelligence sharing between CommBank and Vodafone allows us to proactively investigate and analyse the latest SMS scams in near real-time to ultimately help disrupt, detect and proactively block fraudulent payments.
The announcement comes as the latest scam statistics published by Australia’s National Anti-Scam Centre in November 2023 show text messages as the most popular delivery method used by fraudsters so far this year, with more than $24.5m being lost to this type of scam so far this year.1
Simone Sant, General Counsel and General Manager Corporate Security at Vodafone said: “Keeping Australians safe and secure is a key priority at Vodafone. It is the reason why in 2020 Vodafone set up a cross-industry fraud forum, which still meets regularly today. This forum brings together banks, telcos, postal services, law enforcement and regulators to work together to combat scams.
“Working with industry leaders like Commonwealth Bank allows us to share information and resources to help protect our customers and empower thousands of Australians to hang up on scammers.”
Mr Roberts says safety and security is a significant priority for CBA and the bank is highly focused on keeping its customers safe.
“We encourage people to remain cautious and to stop, check and reject. If you think you have been a victim of a fraud or scam, contact your bank immediately.”
Ms Sant said: “This year alone, Vodafone has blocked more the 67.8 million SMS scams from reaching Australians. Our analysis shows fraudsters are scheming up new ways to scam customers out of their hard-earned cash in the lead up to the holidays season with Vodafone blocking more than 17.6 million SMS scams in September and October, a 45 per cent year-on-year increase.”
Mr Roberts said: “CommBank has invested about $750m to help protect and defend our customers from cyber security threats, financial crime, and fraud and scams. By collaborating closely with Vodafone, we’re focused on helping to minimise financial harm associated with the ever-evolving threat of SMS scams.”
“There is much more to do and taking a collaborative and cross-industry approach is essential,” Mr Roberts added.
Today’s announcement follows the ABA’s Scam-Safe Accord announced last month.
Downloadable assets for media
James Roberts interview audio files
James Roberts interview transcript
Notes for Editors
1 The most popular delivery method used by fraudsters in 2023 to date was via text messages. Relevant text message stats for 2023 year to date as of 1 December 2023:
Amount lost $24,545,996.
Number of reports 92,531)
Source: https://www.scamwatch.gov.au/research-and-resources/scam-statistics
The collaboration between CBA and Vodafone builds on a suite of recent announcements from CBA aimed at helping protect customers from scams, including:
National rollout of Scam Indicator – technology which was conceived and developed in partnership with Quantium Telstra to help protect joint Telstra and CBA customers
Partnership with Optus’ Call Stop campaign
Extending industry-leading NameCheck technology to other organisations who process payments
Introducing holds, declines and limits on payments to cyptocurrency exchanges
In-app caller verification CallerCheck technology to give customers peace of mind CBA is genuinely calling them
Tips to stay safe
Stop – does a call, email or text seem off? The best thing to do is stop. Take a breath. Real organisations won’t put you under pressure to act instantly.
Check – ask someone you trust or contact the organisation the message claims to be from.
Reject – if you’re unsure, delete the email or text and block the phone number. Change your passwords.
Additional information
We’ll never send an email or SMS asking for banking information like a NetBank Client ID, password, or NetCode; or include a link to login directly from an email or SMS
If you’re ever unsure whether an email, message or phone call is legitimately from CommBank, please message us in the CommBank app, or visit us in a branch so we can assist you
If someone calls you and claims to be from CommBank, you can ask them to verify their identity in the app using Callercheck
To be safe, always navigate directly to NetBank yourself and log on from the site you know to be legitimate, rather than using any links in communications
You can report suspicious emails or texts to hoax@cba.com.au then delete them straight after. Don’t reply or engage with them.
