NAB has introduced more proactive prompts to digital banking to help keep customers safe against potential scams.
Under the new initiative, customers using the NAB app and NAB internet banking will receive real-time, personalised messages based on the type of transaction they’re making to help them detect scams and to make sure their money is going to the right recipient.
Chris Sheehan (pictured above), NAB executive group investigations and fraud and former Australian Federal Police senior executive, said this new move from NAB was one of 64 projects underway across the bank that help address the rise in scams targeting Australians.
NAB data revealed that in FY22, scams reported to the bank increased by 38% year-on-year.
“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,” Sheehan said. “We have more than 3 million customers using the NAB app and NAB internet banking every month.
“Scams often happen when people are rushing, tired, or distracted. The prompts feature a checklist based on uncharacteristic activity designed to get the customer to pause and review the payment.
“While we’re focused on making banking simple and digital for them, we need to stop the crime before it happens. 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 called for a “Team Australia” approach across business sectors, governments, and the community to reduce the impact of scams.
“Educating yourself so you can see through scams is critical as no one wants their hard-earned money to end up in the hands of criminals,” he said.
NAB runs free monthly customer security webinars and posts the latest scam alerts and red flags on its Security Hub website. There’s also customer education material shared via TikTok, Instagram, in-app messaging, and email.
Sheehan urged anyone who thought they had been scammed to contact their bank ASAP.
“We are here to help,” he said. “We will always make every attempt to prevent scams and recover funds where possible. However, once the funds have left a victim’s account, it can often be difficult to recover them due to the sophistication and speed of these criminals.”
Visit NAB’s security hub website for more information about the latest scams, advice, and education.
What do you think of this new move from NAB? We’d love to hear from you in the comments below.
