THE Australian Financial Complaints Authority (AFCA) has commended the recent banking initiatives aimed at combating scams.
AFCA's Chief Ombudsman and CEO, David Locke, said, "We see the devastating impact scams have on people and welcome any initiatives by banks to protect their customers, including the innovative use of technology.
The Commonwealth Bank of Australia recently introduced "NameCheck" technology for money transfers and caller verification via the CommBank app.
AFCA received an average of 400 scam-related complaints per month in the current financial year, which was up 28% from the previous year.
According to Mr. Locke, the sums involved in these scams are increasing and people are losing home deposits and retirement savings.
AFCA will continue to collaborate with industry, consumer groups, and regulators to reduce scam transactions.
