Australian Bank Teams Up With JPMorgan on Anti-Scam Payment Security Tech

SYDNEY—The biggest bank in the U.S. will test anti-scam and mistaken payment technology created by Australia’s largest retail lender in an effort to make international transactions more secure.

Fraudulent payments are an increasing threat for financial institutions, as criminals shift their attention to perpetrating scams offshore. The speed of direct electronic payments raises the chances of fraud, with authorities and banks themselves looking for ways to stop more consumers from becoming victims of online scams or errors associated with mistaken payments.

Source: WSJ