Satori has announced that it has partnered with Commonwealth Bank (CBA) who will be extending the use of its industry-leading NameCheck technology to a select number of organisations, including Satori, in an effort to build a national approach to scam prevention.
NameCheck applies advanced technology and available payment data to identify whether account details for payments are correct. Since CBA launched the technology in early 2023, it has prevented more than 10,000 scam payments. Satori will be rolling out the technology with some of its top industry clients, including Coates.
Satori’s Executive Director: Growth, Mark Bookatz, recognises detecting and reducing scams and mistaken payments for corporate customers is an essential service, and NameCheck will add considerable capability to Satori’s existing solutions.
“Australian institutions have recognised the high costs stemming from errors, non-compliance and fraud in their financial processes. We are excited to work with CBA and extend the NameCheck service to our corporate customer base to complement the existing AI-driven financial controls monitoring service driving operational efficiency and preventing fraud,” Mr Bookatz said.
A recent study from YouGov found up to 20% of Australian businesses have failed to prepare for the impact of rising scam threats. NameCheck will strengthen Satori’s ability to protect its clients’ organisations from scams and mistake payments.
Satori’s full range of services provide continuous monitoring measures across client businesses to prevent the financial and reputational impact of fraud or errors.