© Reuters.
SYDNEY – In a bid to bolster cybersecurity, Vodafone (NASDAQ:) and Commonwealth Bank of Australia (OTC:) (CBA) have launched a real-time intelligence sharing pilot program aimed at disrupting SMS scams, which have been particularly frequent this year. The initiative comes at a critical time as the festive season typically sees an increase in scam activities.
Vodafone's Simone Sant highlighted the collaborative efforts of its cross-industry fraud forum to combat scams that have cost Australians a hefty $24.5 million in 2023. CBA is strengthening its defenses with national rollout of its Scam Indicator tool and improved restrictions on cryptocurrency transactions. and implementing in-app call verification technology to build greater trust with customers during banking calls.
James Roberts, of CBA's group fraud division, emphasized the importance of this partnership to proactively disrupt scams and prevent fraudulent transactions by combining the resources of both organizations. Phishing, particularly through messages that imitate legitimate postal or courier services requesting personal information, has been identified as a dominant scam trend.
Both Vodafone and CBA urge customers to maintain a healthy skepticism towards unsolicited communications and to report any suspicious activity without delay.
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