The Commonwealth Bank and Vodafone are piloting a new “intelligence sharing” initiative to help protect customers from the rising number of text message scams.

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Under the pilot, the two companies will share scam-related intelligence, which James Roberts, general manager of group fraud at CBA said would allow the bank to “proactively investigate and analyse the latest SMS scams in near real-time to ultimately help disrupt, detect and proactively block fraudulent payments”.

James Roberts, general manager of group fraud at CBA said text and email scams are the “number one scam trend impacting customers.

He said that text and email scams are the “number one scam trend impacting our customers”.

“This phenomenon, otherwise known as ‘phishing’, involves fraudsters tricking unsuspecting customers to click on an embedded link and share their online banking and card details, as well as personal information.”

Simone Sant, general counsel and general manager corporate security at Vodafone said that this year alone, the teleco has blocked more than 67.8 million text scams, with 17.6 million blocked in September and October, a 45 per cent increase compared to the previous year.

The latest scam statistics published by Australia’s National Anti-Scam Centre show that text messages are the most common contact method used by scammers.

More than $24.5 million has been lost to text scams so far this year, with over 65s losing the most money.

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