- Global, first of its kind partnership adds extra layer of protection for customers
- Latest action in NAB’s ongoing efforts to reduce the impact of scams on customers
NAB has joined BioCatch Trust Australia as part of ongoing efforts to tackle the scam epidemic targeting Australians.
BioCatch Trust Australia is a first of its kind inter-bank, intelligence-sharing network which allows participating banks to share information in real-time before a payment is made by a customer.
NAB Executive Group Investigations, Chris Sheehan, said the partnership was another crucial action by banks to stop criminals and protect customers.
“Scammers are grubs who will do anything to rip Australians off. We are committed to innovating and using technology to help stop the crime and protect people,” Mr Sheehan said.
Mr Sheehan, a former Australian Federal Police executive, said joining BioCatch Trust Australia was another important step in NAB’s ongoing fight against criminals.
“While we are seeing customer scam losses decrease, we know there’s more to do to make Australia the hardest country in the world for criminals to steal our money,” he said.
“Initiatives like payment alerts in the NAB App and Internet Banking, removing links from text messages and ongoing education are having an impact.
“We have to disrupt the scam ecosystem and stop these scams at the source. If we can plug the deluge of dodgy emails, text messages, social media ads and other ways these criminals are bombarding Australians we will force them out of our country.
“Doing that successfully requires banks, telcos, social and digital media companies to all play their part to stop the crime.”
NAB has worked with BioCatch since early 2020 and uses its behavioural, biometric technology in digital channels including the NAB App, Internet Banking and NAB Connect.
The bank also made an equity investment in Biocatch through its NAB Ventures fund.
