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Fintech Insider Podcast by 11:FS
887. News: CommBank halves scam losses, SocGen sells banking assets, Bilt Rewards raises $150m
Aug 12, 2024
Maria Harris, Chair of the Open Property Data Association, and Charles Delingpole, founder of ComplyAdvantage, dive into vital fintech news. They discuss how Australia's Commonwealth Bank has successfully halved scam losses through advanced anti-fraud measures. You'll also hear about Société Générale's strategic decision to sell its private banking assets. The conversation highlights Bilt Rewards' innovative loyalty program and its $150 million funding, as well as insights into the booming Filipino fintech Mynt with a whopping $5 billion valuation.
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Quick takeaways
- Commonwealth Bank successfully halved scam losses by implementing in-house anti-fraud technologies, saving 40 million AUD in one year.
- Société Générale's strategic divestment of its UK and Swiss private banking units aims to streamline operations and enhance stock value.
Deep dives
Commonwealth Bank's Anti-Fraud Success
Australia's Commonwealth Bank has successfully halved customer losses due to scams by developing in-house anti-fraud technologies. These innovations include an identity confirmation system and software designed to prevent impersonation during calls, saving the bank an estimated 40 million Australian dollars in scam payments in the past year. They have also aided in preventing 370 million dollars from estimated mistaken payments. Despite this progress, experts believe that financial institutions globally, particularly in the UK, still face significant challenges in combating evolving scam tactics, highlighting the need for ongoing vigilance and customer education.
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Listen to the best highlights from the podcasts you love and dive into the full episode