CommBank Bolsters Payment Security with Combined ‘NameCheck‘ and ‘Confirm of Payee‘ Tech, Saving Customers $650M
Sydney, Australia – Commonwealth Bank (CBA) is doubling down on its fight against scams and mistaken payments by integrating its existing ‘NameCheck’ security tool with the new ‘Confirm of Payee’ (CoP) system.This combined approach promises to deliver safer and more seamless payment experiences for Australian consumers and businesses, building on the existing New Payments Platform (NPP) infrastructure.
How the Technology Works:
Confirm of Payee (CoP) works by matching the name entered by the payer with the name held by the receiving bank when a domestic payment is made via BSB and account number. NameCheck, already a accomplished tool within CommBank’s NetBank, app, and CommBiz, searches account details for first-time payments, flagging discrepancies and providing risk assessments based on factors like preferred names, nicknames, business trading names, and risk activity indicators.
Crucially, CBA will leverage NameCheck to enhance CoP findings, particularly in cases where CoP data is limited or where NameCheck’s established name derivations can improve the user experience.
$650 Million Saved – and Counting:
The impact of NameCheck is already important. CommBank reports that the tool has already saved customers $650 million in prevented scams and mistaken payments. The integration with CoP is expected to further strengthen these protections.
Real-World Impact:
CommBank General Manager of Payments, Alison Chang, highlighted the benefits with a personal example. “My dad is a first-generation immigrant from Singapore. He goes by John*, but his legal name is very different… NameCheck will create a match based on available payment data and past transaction data, complementing CoP’s analysis.” This illustrates how the combined technology addresses the complexities of names and ensures payments reach the intended recipient.
Protecting Businesses Too:
The benefits extend beyond individual consumers. The system will also help ensure payments to businesses are accurate, recognizing that trading names frequently enough differ from official registrations.A Powerful Combination:
Even when account names match, NameCheck will continue to provide activity-based risk warnings, adding an extra layer of security.This proactive approach is vital as scam activity continues to pose a significant threat to Australians.
[CTA: Learn more about CommBank’s security measures and how to protect yourself from scams here: [Link to CommBank Security Page]]
