One bank said it halved customer losses as it moved to fight fraud. Now the big four is working directly with Meta.
owner Meta has removed more than 9000 spam pages and 8000 AI-generated celebrity scams from the platforms after becoming part of an information sharing program known as the Australian Financial Crimes Exchange .
"The majority of scams originate outside the banking sector, often as fake websites, phishing SMS and social media advertisements," Commonwealth Bank head of group fraud James Roberts told 9News.CommBank has shared more than 1500 entries into the AFCX to help other players in the industry to help their own customers."Encouragingly, we saw CommBank customer losses decrease more than 50 per cent last financial year," Roberts said.
"In addition to investing in our own tools and technology we are working with government and industry partners to fight this scourge. In April this year, Meta started a trial of the exchange, and on just 102 reports of information was able to remove more than 9000 spam pages and more than 8000 AI-generated celebrity scams across Facebook and Instagram.Warning over 'true blue' texts from supposed 'mate'
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