Macquarie Bank (Macquarie) has joined BioCatch Trust™ Australia, the world's first inter-bank, behaviour and device-based, fraud and scams intelligence-sharing network. Launched in November of 2024 with five inaugural members - Australia and New Zealand Banking Group (ANZ), Commonwealth Bank of Australia (CBA), National Australia Bank (NAB), Suncorp Bank (Norfina Limited), and Westpac - the network enables member banks to assess risk on the receiving end of transactions before any money leaves the sender's account.
In its first 10 months, Trust Australia evaluated $500 billion in total payments and saved customers at member banks millions of dollars in potential losses. The addition of Macquarie, Australia's fifth-largest bank, further amplifies the power of the network as it collaborates to detect and prevent financial crime.
"As global fraud and scam activity becomes more sophisticated, we've continued to invest in our digital security and tools," Macquarie Bank's Head of Client Protection, David Sheehan said. "We know that security and trust is paramount for our customers, so we look forward to working with BioCatch Trust™ Australia to add another layer of security protection for Australians.
"As new technology becomes available, customer vigilance is still a key part of scam and fraud prevention and it's always been our view that it's important that a broad range of impacted sectors take a collaborative, multi-sector approach when tackling scams and fraud. We think Trust Australia is a great example of bank collaboration in action," Mr Sheehan added.
"Joining the Trust network was a natural next step in our broader scam prevention initiatives including real-time payment controls, behavioral biometrics and our standalone two-factor authentication app, Macquarie Authenticator."
