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TLS is joining with CBA, using AI & other measures, to help to prevent phone scams, & improve cyber security. A pilot program has been launched.
If successful, these programs will not only benefit TLS profits, but also improve TLS brand awareness & market appeal- & possibly benefit TLS other business activities & market reach.

channelnews N. Jolly said 28.3.23

"The Commonwealth Bank and Telstra have teamed up for a new pilot they hope will protect both company’s customers against phone scams.

Scam Indicator is currently in the ‘proof-of-concept’ stage, and will be tested over the coming months. Early testing has shown this technology could help mitigate customer losses of up to $15-20 million.

The tool is “designed to detect certain high-risk scam situations in real time using a Telstra API that CBA will call on as part of its scam detection processes,” CommBank explains.

This enables CBA to check if a customer is on a phone call, which the bank explains is “the prime indicator that a scam is occurring” ".

https://www.channelnews.com.au/cba-telstra-join-forces-to-launch-scam-indicator/


Mortgage Business K. Aubrey 5.5.23 said

"Artificial intelligence is on track to revolutionise every level of society, including banking — from addressing the issue of fraud and scams to improving efficiencies and delivering better customer experiences.

Speaking at the AI conference H2O World, the Commonwealth Bank’s Dr Andrew McMullan explained how the bank was leveraging AI to improve customer experience and prevent fraud...

For example, the AI-driven capability to analyse millions of customer documents, which would be an immensely time-intensive task for a human.

“But AI can rapidly read even hard-to-read documents and ultimately provide an easier, faster and more accurate experience for customers,” Mr McMullan said.

In addition, given the growing cyber threat to the financial sector, on the back ofseveral breaches,AI has the capacity to assist banks by identifying and preventing fraud.

The recent cyber attack on non-bank lender Latitude Financial Group resulted in approximately 7.9 million driver’s licence numbers and 53,000 passport numbers being stolen from Latitude’s customers,sparking widespread concernacross the banking sector.

CBA is already using AI to detect and prevent fraud in real time with initiatives like NameCheck, which indicates whether customers are transferring money to the person they think they’re transferring to; and CallerCheck, which uses the CommBank app to verify that it’s a genuine employee of the bank contacting them by phone".

https://www.mortgagebusiness.com.au/innovation/17921-ai-geared-to-protect-banks-against-fraud