Westpac has today announced new scam protection measures, building on efforts which have seen scam losses fall 19% this year and helped save customers from losing more than $300 million1.
The bank has launched SafeBlock, allowing customers to immediately block all new transactions and account activity if they suspect their banking has been compromised. The new anti-scam technology is now rolling out via online banking and in the Westpac app to help put a stop to fraud and scam activity, including remote access scams which cost Australians over $106 million last year2.
Westpac Chief Executive, Consumer, Carolyn McCann said: "We've helped to prevent more than $300 million in scam losses in the past year but scammers continue to evolve their tactics and that's why we're investing in smarter tools and stronger protections for our customers."
Westpac has also introduced Confirmation of Payee for institutional and government clients, following its successful launch for retail customers in July. This feature builds on Westpac's existing Verify technology to help customers more accurately identify Business Email Compromise scams and avoid mistaken payments. The added layer of protection is working well. Since launch we've been able to confirm the account name is a match or we have seen a similar name used before on 92% of occasions.
"We know how distressing and disruptive scams can be and that's why we're focused on delivering real-time protection and support for our customers. Initiatives like Confirmation of Payee and SafeBlock are making banking safer and giving Australians greater control and confidence over their finances," McCann said.
"The banks can't fight these insidious criminals alone. We need social media platforms and telcos to step up and shut scams down at the source. This is a shared responsibility and right now, too many players are sitting on the sidelines."
