Combatting Technology-Facilitated Abuse: Commonwealth Bank’s Bold Move

Commonwealth Bank Takes a Stand Against Technology-Facilitated Abuse

Technology-facilitated abuse is a major issue worldwide. A recent study has revealed that more than a quarter of Australians aged 65 and over have either experienced financial abuse or know someone who has. It’s a concerning statistic, but the Commonwealth Bank is stepping up to address this problem.

The multinational bank is making a bold move to combat technology-facilitated abuse on a global scale. They’re offering their advanced artificial intelligence (AI) and machine learning (ML) techniques for free to any bank around the world. This initiative aims to help other financial institutions identify and prevent digital payment transactions that involve harassing, threatening, or offensive messages.

Angela MacMillan, the group customer advocate at Commonwealth Bank, highlighted the significance of this effort. She pointed out that financial abuse often involves the use of money to control a partner, making it a powerful tool for trapping individuals in abusive relationships. Perpetrators have been using various methods to bypass existing security measures, including sending offensive or threatening messages through digital transactions. The bank’s AI model is designed to detect unusual transactional activity and identify high-risk patterns, enabling prompt investigation and action.

In a generous move, Commonwealth Bank is sharing its source code and model with banks worldwide. This collaborative approach is expected to enhance the visibility of technology-facilitated abuse within the financial sector, empowering institutions to take proactive measures to protect their customers.

The bank’s commitment to supporting vulnerable customers is evident in its recent research findings. The study revealed that many individuals believe there are significant barriers to seeking support for financial abuse, and a majority lack confidence in their ability to assist someone in such a situation. Additionally, over half of those experiencing financial abuse feel they can handle the situation on their own. By leveraging AI technology, Commonwealth Bank aims to create a safer banking environment, particularly for customers in vulnerable circumstances.

To make their AI model and source code accessible, Commonwealth Bank has partnered with AI firm H2O.ai to release the resources on GitHub, the world’s largest platform for hosting source code. As part of their ongoing efforts to combat technology-facilitated abuse, the bank has implemented an automatic filter that blocks abusive, threatening, or offensive language in digital payment transactions. Since its implementation in 2020, this filter has successfully blocked nearly 1 million transactions.

This latest announcement builds on the bank’s collaboration with the NSW Police earlier this year. Through this partnership, the bank aims to refer perpetrators of financial abuse to the police with customer consent, further strengthening their commitment to addressing this critical issue.

Commonwealth Bank’s proactive stance against technology-facilitated abuse is a significant step towards creating a safer and more secure banking landscape for all customers. With their innovative AI solutions and collaborative approach, they are setting a commendable example for the financial industry.