National Australia Bank Adds 'Friction,' Predictive Tools to Payment Processes to Protect Customers From Scams

MT Newswires Live06-27

National Australia Bank has introduced safeguards and tools to its payment processes to ensure customers are protected from scams.

At the Australian Banking Association Conference held Wednesday, Chief Executive Andrew Irvine said the bank added "more friction" and predictive tools into customers' payment processes.

"For example, in some cases if we're seeing someone sending a payment somewhere they haven't before, we're asking, 'are you sure?' and are looking at biometrics like keystrokes and how they use their phone," Irvine said. "[I]f it's different than what we've seen you doing in the past, our intelligence will kick in."

Scams and frauds are the "scourge of our times," Irvine said, noting that criminals will continue to get more complex and their attacks will get more sophisticated with the use of artificial intelligence.

"We have and will continue to work hard as an industry whilst educating Australians to protect themselves," Irvine added.

Shares of National Australia Bank were down 2% in recent trade.

Price (AUD): $35.59, Change: $-0.70, Percent Change: -1.93%

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