The rise of sophisticated cybercrimes has put banks and financial institutions under immense pressure to enhance their security protocols. The goal is to protect customers from the growing threat of fraud and scams. In response to this ongoing challenge, CommBank has announced the introduction of a new layer of security for online banking, underscoring the bank’s commitment to safeguarding customer assets. This development introduces an extra step for authentication each time a customer uses NetBank, CommBank’s secure online banking service, via the CommBank app. This new feature aims to fortify the security measures already in place and combat unauthorized access to customer accounts.
1. Introducing a New Layer of Security
CommBank’s new security measure is designed to add an extra layer of protection against cyber threats. The innovation comes on the heels of a significant reduction in customer losses from scams, which have dipped by 70 percent over the last two years. Despite this progress, the bank acknowledges that the continuously evolving tactics of criminals necessitate constant vigilance. By incorporating multiple layers of defense, CommBank aims to make it increasingly difficult for cybercriminals to perpetuate their fraudulent activities. This step is part of a larger $450 million investment in the first half of the 2025 financial year dedicated to protecting customers from fraud, scams, and various forms of cybercrime.
The introduction of multi-factor authentication (MFA) at login provides a robust defense against common cybercrimes, including online banking fraud. MFA not only strengthens the security framework but also ensures that even if a would-be intruder has access to a customer’s password, they still cannot breach the account without completing the second verification step. This additional authentication method is recognized as one of the most effective barriers against cybercrime, offering customers significant protection against unauthorized account access.
2. How Multi-Factor Authentication Works
For customers already using the CommBank app, the process of logging into NetBank will become more secure and straightforward. Once a customer enters their NetBank ID and password, a notification will be sent to the CommBank app. Here’s how the two-step verification process of multi-factor authentication unfolds:
Enter their NetBank ID and password
Open the CommBank app (via a notification received in the app, or by opening the app directly) and verify the NetBank log-on attempt (to grant access to NetBank)
Each log-on attempt to NetBank will trigger this notification for the customer to either approve or decline. If the customer approves the notification, they will be granted access to NetBank. Conversely, if the attempt is left unapproved or actively declined, the customer will be prompted to reset their NetBank password to prevent any potential unauthorized access.
This process ensures that even if a scammer obtains a customer’s login credentials through deceitful phishing techniques or other means, they will still be unable to access the account without successfully completing the second step of verification through the CommBank app.
3. Protecting Against Sophisticated Scams
CommBank’s new security measure is timely, given the increasing sophistication of online scams. Criminals often trick customers into revealing their passwords by sending phishing links that appear to be from legitimate bank sources. These links direct customers to fake banking websites where scam artists harvest passwords and other sensitive information. Under the new MFA protocol, even if a customer’s password is compromised, the attempt to log on will be intercepted by the in-app notification. If the log-on attempt wasn’t initiated by the customer, they can simply decline the prompt within the app, thereby blocking unauthorized access instantly.
CommBank reassures its customers that it will never send links via text messages that direct them to sites asking for passwords. This security measure is supplemented by continuous education and awareness programs, which inform customers about the latest scams and how to recognize them.
4. Future Considerations and Customer Experience
Ms. Meg Bonighton, CommBank’s Executive General Manager of Customer Engagement and Digital, emphasized the bank’s commitment to balancing security and customer experience. While some customers may already be familiar with using multi-factor authentication, for others, this will be a new feature. CommBank plans a phased rollout to ensure that all customers fully understand and can comfortably adapt to the enhanced security protocols. Feedback from customers will be closely listened to, and additional support provided as needed.
Moreover, CommBank has over 4,000 people dedicated to combating financial crimes. This extensive team works around the clock to monitor customer accounts and detect any suspicious activity. Coupled with other advanced security features like Fraud Indicator technology, Digital Wallet review, and interactive intelligent warnings for first-time payments, CommBank’s approach to security is both comprehensive and proactive.
5. Enhancing Industry-Wide Security
CommBank’s measures do not stop at its customers’ doorstep. By collaborating with industry stakeholders and sharing anti-scam information, the bank aims to create a more secure digital environment for all. This collaborative effort includes national cross-industry anti-scam intelligence loops, intelligence sharing with telecommunications providers to combat SMS scams, and the application of NameCheck technology for first-time payments. These initiatives underscore a larger commitment to addressing cyber threats collaboratively, recognizing that fighting cybercrime is an industry-wide effort.
Additionally, protection against phone scams is further strengthened with CallerCheck technology, giving customers peace of mind that they are genuinely communicating with the bank. By incorporating new technologies and continuously improving its defenses, CommBank sets a high benchmark in banking security.
6. The Path Forward
The surge in sophisticated cybercrimes has significantly increased the pressure on banks and financial institutions to bolster their security measures, aiming to protect customers from the escalating risks of fraud and scams. To address this persistent issue, CommBank has unveiled the addition of a new security layer for its online banking services. This move highlights the bank’s dedication to safeguarding customer assets against unauthorized access. The latest enhancement involves introducing an extra authentication step for users accessing NetBank, CommBank’s secure online banking platform, via the CommBank app. This new security feature is designed to strengthen existing protective measures and provide enhanced protection for customer accounts, ensuring a safer banking experience. CommBank’s initiative reflects a proactive approach to tackling emerging cybersecurity threats, reinforcing their commitment to maintaining the highest security standards in the financial industry.
