David Cohen, deputy CEO, CBA
Commonwealth Bank may be taking the lead on establishing a policy to compensate customers that fall victim to scams.
“We're setting up an internal standard to compensate customers that have been scammed,” David Cohen, the bank’s deputy chief executive told a hearing of the House Economics Committee yesterday.
“We recognise we need to fill that gap by setting up a policy - where we will compensate and where we won't,” he said.
“It’s our aim to be a leader in this area,” Matt Comyn, CBA’s CEO added.
“We will participate in the industry code.
“I think a national identity [system] and way of sharing credentials ... would be very helpful in this area,” Comyn said.
“I know it’s difficult politically.”
CommBank later elaborated for Banking Day that “we believe a cross-industry ecosystem approach is essential to making Australia a less desirable target for scams and reducing their frequency.
“The best way to achieve this is to stop scams as close to the point of origination as possible and we support mandatory and enforceable industry codes across the ecosystem that includes banks, telco and digital platforms.”