ANZ to implement new AI ‘scam scoring’ model

ANZ Banking Group has said it intends to bring in new security measures and capabilities, including plans to introduce a new ‘scam scoring’ model, which uses AI to complement the existing security systems and boost scam detection. 

On Tuesday, the major bank said it plans to implement the capabilities across 2024 to combat the ongoing threat of scams and financial crime. 

In 2024 the bank will bring in measures that will also boost personalised warning messages to inform customers when a transaction or activity is considered high risk.

ANZ's strategy also includes expanding ways customers can contact ANZ to report scams and pursue assistance, including a new dedicated team of specialists plus a hotline. 

It said new capabilities will also cover new algorithms to its ‘mule detection’ capability to further restrict the movement of scam proceeds to organised crime plus new customised educational resources.  

ANZ head of customer protection, Shaq Johnson, said, “Cyber events, data breaches, scams, and fraud activity continue to be a challenge to the community in 2023.

“However we’re seeing results from our response. ANZ continues to take action, introducing additional measures to protect our customers and the community from sophisticated criminal networks.”

“This year, we expect to see a shift in the way scammers operate, from targeting card transactions over digital fast payments to increasingly targeting peer-to-peer and other emerging payment channels to circumvent traditional payment controls,” Johnson said. 

Johnson added, “ANZ customers are not immune to the threat of scams, so we encourage them to take steps to protect themselves by remaining vigilant and suspicious of any unsolicited contact or requests for funds from unknown individuals.”

According to the bank, ANZ stopped more than $106 million in losses to cyber criminals, a 38 percent increase from the previous year. 

It also noted a 43 percent reduction in customer losses in the last quarter of the financial year 2023.