TMBL first mutual bank to implement a security feature to indicate if account details look right

In a first for the customer-owned banking sector, Teachers Mutual Bank Limited (TMBL) has today announced it will pilot Commonwealth Bank’s NameCheck technology, which will see the mutual bank initially embed the security feature functionality into its internet banking, followed by its banking apps, in a bid to prevent scams and mistaken payments.

TMBL’s pilot of Commonwealth Bank’s NameCheck function, which gives customers an indication of whether account details provided look right, will initially launch within internet banking of the Teachers Mutual Bank brand this month. The NameCheck technology is anticipated to roll out to the bank’s other brands (Health Professionals Bank, Firefighters Mutual Bank, and UniBank) in the coming months.

Implementing the security feature technology, initially in internet banking, is an additional measure that TMBL is offering its customers to help protect them from falling victim to scams. 

According to Commonwealth Bank, its NameCheck technology has prevented more than $200 million in scams and mistaken payments for the Commonwealth Bank between March and December 2023, alone.

CBA’s General Manager Payments, Alison Chang, said improving early detection and prevention of scams is among Commonwealth Bank’s highest priorities.

“While it’s great to see losses are falling across the board, the threat of scams continues to be high, and we continue to work hard to help Australians stay safe,” Ms Chang said. 

“We’re excited to extend our NameCheck technology to other trusted organisations including mutual banks and look forward to having a customer-owned bank on board. Offering NameCheck externally is part of our efforts to help Australian businesses become more resilient against the threat of scams.”

TMBL’s CEO, Anthony Hughes, said his bank’s participation in the pilot would offer positive benefits for customers by helping to reduce mistaken payments. 

“By participating in this pilot, we’ve fast-tracked our ability to roll out advanced scam prevention technology to our customers. In fact, we’re the first customer-owned bank to implement a security feature to indicate if account details look right,” Mr Hughes said. 

“This collaboration is a significant step towards the banking industry helping protect customers against scammers, mistaken payments, and fraudulent activity. By working collaboratively across the industry we can quickly deliver and achieve great outcomes for our customers.”

Any Teachers Mutual Bank Limited customer who has a transaction or interaction with someone about their banking they think is suspicious, should get in touch with us immediately.

ENDS
For further information please contact: 
James O’Leary, TMBL Media Line on 02 9735 9203, or [email protected]

Teachers Mutual Bank Limited is one of Australia’s largest mutual banks with more than 242,000 members and more than $11.5 billion in assets. Teachers Mutual Bank Limited is comprised of Teachers Mutual Bank, Firefighters Mutual Bank, Health Professionals Bank, UniBank, and Hiver. Teachers Mutual Bank Limited is a Certified B Corporation, aligned with its purpose to provide banking for good, for those who do good.