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Banks, telcos and tech companies should collaborate more closely on combatting fraud, the assistant treasurer has said, as the Commonwealth Bank announced an expansion of its anti-scam technology to tackle what’s become a $3 billion nationwide problem.

CBA on Thursday detailed two types of technology it is deploying to combat scammers: Scam Indicator, which it built with Telstra and uses algorithms to identify potential scam phone calls, and NameCheck, which verifies account details for customers before they pay someone.

The technology is now live for customers following pilot programs, and CBA chief executive Matt Comyn said they formed part of a “whole-of-ecosystem” national approach to combat increasingly complex fraud and scams.

NameCheck was introduced this year and Comyn said it had already helped prevent more than 10,000 scam payments that would have totalled more than $38 million. The bank is now offering the technology to other organisations that process payments.

Assistant Treasurer Stephen Jones, who visited CBA’s Sydney offices on Thursday, said consumer fraud and scams cost Australians some $3 billion a year – a figure that grows annually by 80 per cent.

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