Latest news with #CommBank
Finextra
2 days ago
- Business
- Finextra
CommBank deploys batallion of AI-powered bot profiles to chat with scammers
Australia's CommBank is turning the table on scammers, launching a fleet of thousands of AI-generated bot profiles to engage with and disrupt criminal networks fleecing consumers. 1 The AI bots are deployed by - a cyber-intelligence firm and spin-out from Macquarie University. 'This is about flipping the script,' says James Roberts, CommBank's general manager of group fraud. 'Scammers are increasingly using AI to target Australians - we're turning the tables by using AI to fight back. Every minute a scammer is engaging with a bot, is a minute they're not targeting an Australian. The near real-time intelligence being gathered is a game-changer in how we help to protect our customers and the broader community.' When a scammer calls or texts, the bots engage them in extended conversations, gather intelligence, and feed near real-time insights directly into CommBank's scam control systems and the broader cross-sector anti-scam ecosystem. Professor Dali Kaafar, CEO & founder of says: 'Our system is based on a 'Honeypot' strategy. In collaboration with our telco partners, operates a vast and constantly growing network of dedicated telephone numbers connected to the telcos networks and designed specifically to be discovered and targeted by scammers. When a scammer dials or messages one of these numbers, they actually engage in conversations with one of our AI-powered bots and not a person. 'We've designed our bots to be difficult to detect by scammers, making them incredibly effective at gathering intelligence and disrupting scam operations. The bots are uniquely crafted with diverse identities - varying in gender, age, tone, and cultural nuance - and fine-tuned with Australian slang and humour to improve realism.' The full-scale roll out of the bot network follows a successful pilot programme with Macquarie University in late 2024. 'Since the pilot programme was announced late 2024, it has expanded in both scale and sophistication,' says Roberts. 'This has seen hundreds of thousands of scam calls diverted to bots, with intelligence gathered helping to generate near real-time alerts and blocks to protect CommBank customers."
West Australian
5 days ago
- Business
- West Australian
Commonwealth Bank deploys AI bots with Aussie accents to trap scammers using ‘honeypot' strategy
Telephone scammers have a new mark to contend with – an artificial intelligence bot deployed by Commonwealth Bank to tie them up in tedious, go-nowhere calls. Phone scams accounted for the highest amount of financial losses in 2024, according to the National Anti-Scam Centre, and CommBank hopes this new tool will help protect Australian citizens. 'This is about flipping the script. Scammers are increasingly using AI to target Australians – we're turning the tables by using AI to fight back,' said James Roberts, CommBank's General Manager of Group Fraud. 'Every minute a scammer is engaging with a bot is a minute they're not targeting an Australian.' The technology used by CBA has been spun out of Macquarie University's AI research lab and was trialled in a pilot program last year. The spin out company, is headed by Professor Dali Kaafar, who is also Executive Director of Macquarie University's Cyber Security Hub. uses thousands of conversational AI bots to disrupt scammers targeting Australians via text-based conversations and voice calls, tying them up in fruitless exchanges and sharing real-time information on scam types with the bank. CommBank said it works with telecommunications companies, tech firms and government agencies to share intelligence and coordinate responses. The system uses a 'honeypot' strategy, operating a network of dedicated phone numbers designed to be discovered and targeted by scammers. Once the scammer calls or messages a honeypot number, they end up engaging with an AI bot instead. 'We've designed our bots to be difficult to detect by scammers, making them incredibly effective at gathering intelligence and disrupting scam operations. The bots are uniquely crafted with diverse identities – varying in gender, age, tone and cultural nuance – and fine-tuned with Australian slang and humour to improve realism,' Professor Kaafar said. CommBank said it had diverted hundreds of thousands of scam calls since it began a trial program with Apate in 2024, and that the technology would become increasingly important as scammers also start using AI to power their nefarious acts. 'We know no single organisation or sector can solve this alone,' Mr Roberts said. 'That's why it is so important to collaborate across sectors to disrupt scam operations at scale.' The initiative follows a similar effort in the UK that went viral late last year, when mobile phone operator Virgin Media O2 unveiled an AI chatbot named Daisy – a sweet-sounding virtual 78-year-old grandmother – to waste scammers' time. Daisy was trained on real scam calls and designed to sound convincingly human, often keeping fraudsters on the line for upwards of 40 minutes with rambling stories about knitting and her cat, Fluffy. Daisy spearheaded an advertising campaign to encourage Brits to report scam calls to a national hotline, with the promotional video views more than 1 million times on YouTube. The Commonwealth Bank has been a fast mover in the adoption of artificial intelligence for its own business improvements. Earlier this year, the bank said AI was able to answer 90 per cent of customer inquiries and it was being deployed in the business bank to help reduce loan approval times to as little as ten minutes. The bank has already deployed detect fraud, processing 20,000–30,000 fraud alerts daily, a number that could scale effortlessly to 50,000. 'The technology we have seen over the last six to nine months has the potential to be quite transformational,' Commonwealth Bank CEO Matt Comyn said at the time.
Courier-Mail
6 days ago
- Courier-Mail
The best Travel Money cards in 2025
Don't miss out on the headlines from Lifestyle. Followed categories will be added to My News. Escape's Doc Holiday, Dilvin Yasa, answers your travel-related questions. For many years I have used CommBank Travel Money card without any problems, but I'm thinking better options may be available. Can you recommend any alternatives? I receive a lot of emails about travel money cards, so it's probably best if I start by addressing some of their key pros and cons. Avoiding exchange rate fluctuations during your travels is a major benefit, since you effectively 'lock in' your money before you depart Australia (helpful when the Aussie dollar is falling faster than the Ozempic supply). X SUBSCRIBER ONLY Depending on the card you choose, you can have easy access to multiple currencies on the same card and you don't have to risk using a card that's linked to your Australian bank account while you're travelling overseas. It also means you avoid multiple currency conversion fees and you don't have to carry large amounts of cash. Of course, the disadvantages of travel money cards are nothing to sniff at. Some merchants may not accept travel money cards, or the currency of the country you're visiting may not be supported. There are plenty of fees associated with using a travel money card (everything from opening and reloading the card to ATM withdrawals and cashing out the balance of the card), lengthy load times where you will not have access to your cash, and limits on pre-authorisations. Comparison sites such as Canstar look at the pros and cons of using a travel money card compared with credit and debit cards and I'd urge every reader intent on travelling overseas to read through their options. Some merchants may not accept travel money cards, or the currency of the country you're visiting may not be supported. For your specific situation, I will say that Choice, too, compared travel money cards recently and found the CommBank Travel Money Card is one of the better options, particularly since it only charges users in one instance ($3.50 for ATM withdrawals overseas). If you were to compare this product with any other, I'd recommend looking at the Wise Travel Card, which lets you hold, spend in and convert 40 currencies – significantly more than the 16 currencies your current card holds. One thing to watch here, however, is that while free ATM withdrawals are advertised, it's only up to $350 a month, before you start attracting charges. You may also wish to look at Revolut Travel Card, which holds 30-plus currencies and remains a popular choice. Airlines such as Qantas are working with banks to find a solution. We booked our family holiday and found we were charged twice by the airline, with the second amount (later cancelled) showing as a 'pending charge', which caused our account to be overdrawn. How common is this practice? I've had this happen to me and it's incredibly frustrating (not to mention anxiety-inducing). Having had a chat with various airlines about 'the double dip', it seems that they're just as frustrated by what is a banking issue that is largely out of their control. Essentially, this happens when the authorisation doesn't drop off at the time of the payment being captured. Airlines such as Qantas are working with banks to find a solution, but in the meantime, it's a good idea to keep an eye on your account balance any time you book a holiday and to contact your bank immediately should you notice an authorisation set to cause financial chaos. You can explain the situation to your bank and ask them to remove it immediately. While banks have varying policies regarding how they go about this, and whether they'll need clarification from the travel provider, you should be able to get this sorted fairly easily. I find pleasantries and a cheerful manner go a long way to getting what you want. Good luck! I arrived in Mongolia a carnivore yet swiftly became a born-again vegetarian. I'm interested in a tour to Mongolia. Would you recommend it for vegetarians? I arrived in Mongolia a carnivore yet swiftly became a born-again vegetarian for the duration of my trip (it turns out that boiled and fried sheep tail is not for everyone) so yes, it can be done. I did it on the fly, popping into supermarkets in Ulaanbaatar and stocking up on canned vegetables and noodles, but it's best to let your tour leader know when you first book that you have dietary restrictions. Where possible, they will call ahead to find vegetarian alternatives to traditional khuushuur, tsuivan and buuz at any stops you make. The one thing that will mean the difference between a digestible meal and one that might even be enjoyable? A bottle of sriracha (or any other sauce you prefer), which you can apply liberally to anything that's placed before you. Mongols might be among some of the warmest people I've encountered on my travels, but they are not known for their love of seasoning. Need help? Doc Holiday is on duty to answer your travel questions. Email docholiday@ Personal replies are unfortunately not possible. Originally published as Doc Holiday: What travel money card is best?
Daily Telegraph
6 days ago
- Daily Telegraph
The best Travel Money cards in 2025
Don't miss out on the headlines from Lifestyle. Followed categories will be added to My News. Escape's Doc Holiday, Dilvin Yasa, answers your travel-related questions. For many years I have used CommBank Travel Money card without any problems, but I'm thinking better options may be available. Can you recommend any alternatives? I receive a lot of emails about travel money cards, so it's probably best if I start by addressing some of their key pros and cons. Avoiding exchange rate fluctuations during your travels is a major benefit, since you effectively 'lock in' your money before you depart Australia (helpful when the Aussie dollar is falling faster than the Ozempic supply). Depending on the card you choose, you can have easy access to multiple currencies on the same card and you don't have to risk using a card that's linked to your Australian bank account while you're travelling overseas. It also means you avoid multiple currency conversion fees and you don't have to carry large amounts of cash. Of course, the disadvantages of travel money cards are nothing to sniff at. Some merchants may not accept travel money cards, or the currency of the country you're visiting may not be supported. There are plenty of fees associated with using a travel money card (everything from opening and reloading the card to ATM withdrawals and cashing out the balance of the card), lengthy load times where you will not have access to your cash, and limits on pre-authorisations. Comparison sites such as Canstar look at the pros and cons of using a travel money card compared with credit and debit cards and I'd urge every reader intent on travelling overseas to read through their options. Some merchants may not accept travel money cards, or the currency of the country you're visiting may not be supported. For your specific situation, I will say that Choice, too, compared travel money cards recently and found the CommBank Travel Money Card is one of the better options, particularly since it only charges users in one instance ($3.50 for ATM withdrawals overseas). If you were to compare this product with any other, I'd recommend looking at the Wise Travel Card, which lets you hold, spend in and convert 40 currencies – significantly more than the 16 currencies your current card holds. One thing to watch here, however, is that while free ATM withdrawals are advertised, it's only up to $350 a month, before you start attracting charges. You may also wish to look at Revolut Travel Card, which holds 30-plus currencies and remains a popular choice. Airlines such as Qantas are working with banks to find a solution. We booked our family holiday and found we were charged twice by the airline, with the second amount (later cancelled) showing as a 'pending charge', which caused our account to be overdrawn. How common is this practice? I've had this happen to me and it's incredibly frustrating (not to mention anxiety-inducing). Having had a chat with various airlines about 'the double dip', it seems that they're just as frustrated by what is a banking issue that is largely out of their control. Essentially, this happens when the authorisation doesn't drop off at the time of the payment being captured. Airlines such as Qantas are working with banks to find a solution, but in the meantime, it's a good idea to keep an eye on your account balance any time you book a holiday and to contact your bank immediately should you notice an authorisation set to cause financial chaos. You can explain the situation to your bank and ask them to remove it immediately. While banks have varying policies regarding how they go about this, and whether they'll need clarification from the travel provider, you should be able to get this sorted fairly easily. I find pleasantries and a cheerful manner go a long way to getting what you want. Good luck! I arrived in Mongolia a carnivore yet swiftly became a born-again vegetarian. I'm interested in a tour to Mongolia. Would you recommend it for vegetarians? I arrived in Mongolia a carnivore yet swiftly became a born-again vegetarian for the duration of my trip (it turns out that boiled and fried sheep tail is not for everyone) so yes, it can be done. I did it on the fly, popping into supermarkets in Ulaanbaatar and stocking up on canned vegetables and noodles, but it's best to let your tour leader know when you first book that you have dietary restrictions. Where possible, they will call ahead to find vegetarian alternatives to traditional khuushuur, tsuivan and buuz at any stops you make. The one thing that will mean the difference between a digestible meal and one that might even be enjoyable? A bottle of sriracha (or any other sauce you prefer), which you can apply liberally to anything that's placed before you. Mongols might be among some of the warmest people I've encountered on my travels, but they are not known for their love of seasoning. Need help? Doc Holiday is on duty to answer your travel questions. Email docholiday@ Personal replies are unfortunately not possible. Originally published as Doc Holiday: What travel money card is best?
Reuters
25-06-2025
- Business
- Reuters
Dollar stumbles as optimism from fragile Israel-Iran truce lingers
SINGAPORE, June 25 (Reuters) - The dollar struggled to regain lost ground on Wednesday as investors who have been starved of good news latched onto optimism over a fragile truce between Israel and Iran as a reason to take on more risk. Markets were jubilant and an index of global shares hit a record high overnight as a shaky ceasefire brokered by U.S. President Donald Trump took hold between Iran and Israel. The two nations signalled that the air war between them had ended, at least for now, after Trump publicly scolded them for violating a ceasefire he announced. Investors heavily sold the dollar in the wake of the news, after pouring into the safe-haven currency during the 12 days of war between Israel and Iran that also saw the U.S. attack Iran's uranium-enrichment facilities. Currency moves were more subdued in early Asia trade on Wednesday though the euro remained perched near its highest since October 2021 at $1.1621, having hit that milestone in the previous session. Sterling eased 0.02% to $1.3615 but was similarly not far from Tuesday's peak of $1.3648, which marked its strongest level since January 2022. The risk-sensitive Australian dollar , which rallied sharply in the previous session, last traded 0.02% higher at $0.6492. While the truce between Israel and Iran appeared fragile, investors for now seemed to welcome any reprieve. "The market is complacent about some of the downside risks," said Joseph Capurso, head of international and sustainable economics at Commonwealth Bank of Australia. "The thing I get is this issue is not over, which means it could come back to be a driver of commodity prices and currency markets again." In other currencies, the New Zealand dollar rose 0.13% to $0.6015, while the yen steadied at 144.96 per dollar. Some Bank of Japan policymakers called for keeping interest rates steady for the time being due to uncertainty over the impact of U.S. tariffs on Japan's economy, a summary of opinions at the bank's June policy meeting showed on Wednesday. The Swiss franc , which scaled a 10-1/2-year high on Tuesday, steadied at 0.8049 per dollar. Against a basket of currencies, the dollar eased slightly to 97.91. While Federal Reserve Chair Jerome Powell stuck to his cautious approach and reiterated that the central bank was in no rush to ease rates at his semi-annual testimony to Congress on Tuesday, markets continue to price in a roughly 18% chance that the Fed could cut in July, according to the CME FedWatch tool. "We think economic growth is slowing and the improvement in services and shelter inflation will push back against tariff rises, allowing cuts to resume in September," ANZ analysts said in a note. A raft of weaker-than-expected U.S. economic data in recent weeks have bolstered expectations of Fed cuts this year, with futures pointing to nearly 60 basis points worth of easing by December. Data on Tuesday showed U.S. consumer confidence unexpectedly deteriorated in June as households grew increasingly worried about job availability, another indication that labour market conditions were softening. The two-year U.S. Treasury yield , which typically reflects near-term rate expectations, fell to a 1-1/2-month low of 3.7870% on Wednesday. The benchmark 10-year yield was little changed at 4.3043%.
