Macquarie Bank joins network protecting 85% of banking sector

Macquarie Bank has joined BioCatch Trust Australia, an inter-bank intelligence-sharing network designed to prevent fraud and scams.

The addition of Macquarie Bank, which is among Australia's five largest banks, brings the collective coverage of BioCatch Trust Australia to more than 85% of the country's banking population. The network enables member banks to assess risks on the receiving end of transactions before funds leave the sender's account by drawing on a combination of behavioural and device-based data.

BioCatch Trust Australia was launched in November 2024 with an initial group of five banks: Australia and New Zealand Banking Group, Commonwealth Bank of Australia, National Australia Bank, Suncorp Bank, and Westpac. Since its launch, the network has evaluated and matched a total of AUD $500 billion in payments, saving bank customers millions of dollars by preventing potential fraud.

Financial crime landscape

Australians lost AUD $2.03 billion to fraud in 2024, highlighting the severe impact of financial crime on consumers and the broader banking sector. By connecting major banks, BioCatch Trust Australia aims to disrupt fraud by combining real-time intelligence about behavioural patterns and device usage associated with known scams across participating institutions.

David Sheehan, Macquarie Bank Head of Client Protection, said the bank continues to invest in its digital security infrastructure as threats become increasingly complex. He stated:

"As global fraud and scam activity becomes more sophisticated, we've continued to invest in our digital security and tools. We know that security and trust are 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," Sheehan said. "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."

How the network works

The intelligence-sharing mechanism of BioCatch Trust Australia uses behavioural and device profiling to assess payment risks in real time as customers initiate domestic online payments. If the system identifies a risk associated with a recipient's account - such as links to previous scam activity or other security concerns - it immediately notifies the sending bank before money is transferred. This facilitates intervention to potentially halt suspicious transactions, particularly for scams that begin outside normal digital banking sessions, such as those initiated via email, telephone or social media.

The system's real-time intelligence is driven by pseudonymisation technology. This means that customer identities within the network are protected, ensuring compliance with privacy and data protection requirements.

BioCatch Chief Executive Officer Gadi Mazor welcomed Macquarie Bank's participation, commenting:

"We're proud to welcome Macquarie Bank to BioCatch Trust Australia. Its commitment to innovation and customer protection strengthens our shared mission to disrupt scam operations and protect Australians from financial harm. The addition of Macquarie means Trust Australia now protects more than 85% of the country's online banking population."

Growing network impact

The expansion of the BioCatch Trust Australia network is expected to improve the detection and prevention of scams and fraud. As more financial institutions contribute intelligence on accountholders and transactions, the system's algorithms refine their ability to flag suspicious activity. This collaborative approach is seen as vital in tackling both established and emerging types of online financial crime in the sector.

Participating banks benefit from shared insights, which help address threats affecting customers nationwide, regardless of which bank they use. BioCatch asserts that this collective intelligence framework enhances fraud detection across the banking ecosystem and is updated continually as fraud patterns change.

The inclusion of Macquarie Bank in the BioCatch Trust Australia network marks an expansion in resources dedicated to safeguarding digital banking and reducing the impact of scams on Australian consumers.