Telstra and CommBank have announced the use of new ‘Fraud Indicator’ technology to support retailers with digital-centric consumer journeys and help protect Australians from identity theft.
The new technology, developed by Quantium Telstra in collaboration with CommBank, enables intelligence about unusual mobile service usage to be shared securely to help detect identity theft.
Quantium Telstra will soon make Fraud Indicator available to additional partners, with a focus on organisations who interact with customers through digital channels and may be more vulnerable to fraud.
Telstra Executive General Manager Agribusiness, Manufacturing, Logistics & Retail, Doug Henderson, said Fraud Indicator is an effective tool for any organisation with a digital-centric consumer journey including financial services, retail and e-commerce.
“Identifying fraud earlier, can significantly reduce the costs of fraud for retailers. Criminals have unique mobile usage behaviours, so insights on how a service is used gives organisations a head start on who is a fraudster.”
While nationwide and cross-industry efforts to drive down the impact of fraud and scams is helping reduce the amount of scam losses reported in Australia (down 13.1% from 2022 to 2023), the rate of identity theft continues to slowly rise (up to 200,000 Australians in FY23). As a result, identity theft is having serious, long-term and wide-ranging consequences for Australians – from theft to damaged credit scores and emotional distress.
CEO of Quantium Telstra, Sandy Cameron said: “Our Fraud Indicator with CommBank showed us the great potential to reduce the impact of fraud with this new technology. With increased collaboration between more Australian organisations, we could help protect many more Australians.
“The commercial impact of fraud and scams on Australian enterprises is alarming, and the full cost goes well beyond the money lost – including labour, legal and recovery costs. By detecting more fraud and reducing false positives, Fraud Indicator could have a significant positive impact on the cost of doing business in Australia and play a significant role in the fight against fraud and scams.”