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Begins assembling a senior executive team.

The Commonwealth Bank of Australia’s innovation arm, x15ventures, is gearing up to incubate a spinout to address the rise in scam and fraud activity in Australia.

The spinout, with x15ventures’ backing, is now recruiting for a managing directorchief technology officer and chief product officer.

It is said to be at a “pre-seed stage and working toward proof-of-concept, with significant funding and commitment to build quickly”, according to the postings on LinkedIn.

“The venture has early signals of product-market fit from early testing, as it is a spinout from an existing well-established venture,” the posts state.

The CTO will lead technical strategy and vision, and have “significant influence in choosing the appropriate technology stack and tools”.

The chief product offier will “help shape and deliver the direction and ultimately, proof-of-concept that will be released to the market in early 2024”.

An x15ventures spokesperson told iTnews that “fraud and scams are a big concern for Australians at the moment”.

“As part of the huge amount of work being done by our parent, CommBank, we’re in the early stages of building a venture in this space,” the spokesperson said.

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