The AI technology uses machine learning techniques to track changes in a customer’s normal online behaviour. “Customers develop habits and patterns of behaviour in relation to the way in which they perform their banking,” Roberts explains. “Deviations from these patterns could be a sign their accounts have been compromised or that someone else is using their devices. It’s been a game-changing development in the fight against scammers”.

Scam-stopping technology

CommBank also use advanced algorithms in anti-scam initiatives such as NameCheck, which provides an indication to its customers whether the account details they provide when making a first-time payment look right. As of December 2023, NameCheck has already prevented over $20 million worth of scams from proceeding.

The bank also uses CallerCheck – caller verification technology that triggers an alert to the customer via the CommBank app to give them peace of mind it is CommBank calling – a vital tool in the fight against bank impersonation scams.

Fighting back against the scammers is a key focus for CommBank. Between July 2022 and June 2023 the bank invested over $750 million to help protect its customers against fraud, scams, financial and cybercrime. In the six months from July to December 2023 alone, CommBank prevented and recovered more than $100 million in customer scams.

So, do we ultimately put AI in the bucket of helpful or harmful? It’s a complex question, says Roberts.

“Any great innovation, to some extent, has some unintended consequences,” he says. “And the analogy was the internet itself. Would we have stopped the invention of the internet if we knew that the dark web was going to be invented? The answer would be likely not, because it has provided such great opportunities for people, business and global connectedness.”

It is, Roberts says, a matter of knowing what the problem areas are and how to deal with them. AI might seem like an ally to scammers right now – but in time, thanks to the rapidly improving new technology being developed, it may end up being their ultimate downfall.

Learn more about how we’re keeping you CommBank Safe by visiting commbank.com.au/safe.