The majority of Australians are becoming more “scam-aware” than ever before according to research released by Commonwealth Bank (CBA).
More than eight in 10 people saying they are confident in their ability to recognise and avoid scams reports CBA. This includes a quarter who say they are very confident.
Nearly three in four (73%) Aussies say they have become more concerned about scams over the last 12 months. This represents a 16-percentage point increase on the same figure released by CBA in October last year.
The prevalence of scams continues to rise. But the latest CommBank data reveals anti-scam initiatives over the past 12 months are making a real difference for customers.
CBA customer losses -37% in H1
Between January-June 2023, CommBank customer losses decreased more than a third (37%) compared with those recorded from July-December 2022.
James Roberts, CBA’s GM Group Fraud Management Services, said the results show good progress of a number of anti-scam initiatives.
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“It’s positive news that Aussies are growing more aware of scams and what they can do to stay safe. The increased awareness and decrease in the overall dollars lost by CBA customers over the period is encouraging. However, we all have more to do, including continuing to strengthen our defences across all financial institutions, telcos, government, social media and digital platforms to protect Australians from the terrible impact the scammers have.
“At CommBank, a key priority is protecting customers from all types of scams.
“Our latest anti-scam initiatives include NameCheck and CallerCheck technologies, as well as our Crypto Holds and Declines. They play a crucial role in safeguarding our customers. It’s great that the multiple initiatives we have put in place over the last year are having a positive impact that we can see in the numbers.
“We’re making progress, but there is always more to do. Remember to Stop, Check and Reject when sending money or banking details.”
CommBank data reveals in the year ending 30 June 2023, the bank prevented and recovered more than A$228m ($147m) of scam attempts against retail and business customers through its scam prevention and detection programme.