Commonwealth Bank of Australia (CommBank) has joined forces with Apate.ai to scale protection against scams by leveraging advanced AI technology.
Through this partnership, CommBank and Apate.ai are set to utilise near real-time scam intelligence to safeguard both the former’s customers and the wider Australian public from fraudulent attempts.
Combatting scams through AI
As part of the collaboration, CommBank has integrated a network of AI-enabled bot profiles developed by Apate.ai, with these bots interacting with scammers through text messages and voice calls to collect intelligence to disrupt fraudulent operations.
Furthermore, the bots engage scammers in prolonged interactions, gathering information that is directly provided to CommBank’s scam prevention systems and supports the broader anti-scam ecosystem across Australia. With this data, CommBank can identify emerging scam patterns, improve its detection mechanisms, and contribute to industry-wide initiatives to mitigate fraud. Additionally, this approach allows the financial institution to respond to evolving scam strategies driven by AI advancements.
The alliance between CommBank and Apate.ai comes as part of a broader effort involving telecommunications providers, technology companies, and government entities to share intelligence and combat fraudulent activities across Australia. Commenting on the news, representatives from CommBank emphasised the bank’s commitment to reducing fraud and mitigating scams, in turn maintaining the security of the Australian financial landscape. The financial institution plans to leverage AI to fight against AI-enabled fraudulent activities, as when a scammer is engaging with a bot, they are not targeting an individual.
Additionally, the partnership with Apate.ai comes shortly after CommBank expanded its collaboration with AWS, aiming to support the advancement of AI adoption and assist in the deployment of new customer services. The move allowed AWS to continue to be the bank’s preferred cloud provider, with the agreement marking the next step in the financial institution’s technology journey to improve its services and better serve its customers.
