National Australia Bank (NAB) has introduced payment prompts to digital banking, to address a recent surge in scams targeting Australians.
Customers initiating a transaction in the NAB app and on NAB internet banking will receive real-time personalised messages, particularly if the domestic payment they are making is “out of character”.
With more than three million customers using the app and internet banking every month, the prompts will ensure customers are sending money to the right recipient and help individuals identify potential scams.
In its financial year 2022, NAB revealed that scams reported to the bank increased by 38% year-on-year.
The payment prompts initiative is one of 64 projects underway across the bank, according to Chris Sheehan, NAB executive group investigations and fraud.
“Addressing the rise in scams and fraud targeting our customers is a top priority for NAB and we are investing millions of dollars each year to help us do this,” he said.
Sheehan, a former Australian Federal Police senior executive, warned that scams often happen when people are rushing, tired or distracted.
“The prompts feature a check list based on uncharacteristic activity designed to get the customer to pause and review the payment,” he added.
“A customer may receive one of these prompts as part of the payment process if a payment appears out of character for them or triggers other risk alerts. For example, making an investment in cryptocurrency for the first time.”
Sheehan has called for a “Team Australia approach” across business sectors, governments and the community to tackle the fallout from scams.
NAB is the first company worldwide to run the Amazon Web Services (AWS) ‘She Builds CloudUp’ program in-house., which is specifically designed for women seeking a career in tech, or for professionals looking to re-skill or cross-skill.