Westpac has today announced the introduction of Confirmation of Payee, a new security feature designed to help customers spot a scam and reduce mistaken payments.
The new technology builds on Westpac's existing Verify capability, which already alerts customers when an account name doesn't match the BSB and account number used in previous payments by other Westpac Group customers. Confirmation of Payee adds another layer of security by checking the account name against the records held at the recipient's bank, giving customers greater confidence before they make a payment to someone new.
Westpac Head of Fraud Prevention, Ben Young said the new technology is part of the bank's ongoing investment in scam protection.
"Scammers are becoming more sophisticated, finding new ways to trick unsuspecting Australians into handing over their hard-earned money. This is why it's so important for us to continue to invest in ways to help keep our customers safe," Mr Young said.
"The introduction of Confirmation of Payee builds on our existing Verify technology and will help customers confirm they're paying the right person, potentially stopping a scam in its tracks."
Since launching in June 2024, Westpac's existing Verify technology has prevented more than 400 mistaken payments each day and stopped customers from losing over $6 million to scammers.
"We're continuing to take the fight to scammers to help keep people safe, but we can't do it alone. We need other organisations, like telcos, digital platforms and social media companies, to adopt similar protections so we can collectively raise the bar on customer security," Mr Young said.
Verify with Confirmation of Payee is the latest in Westpac's suite of scam prevention initiatives, including SafeCall and SaferPay. Together these initiatives have helped to prevent customers from losing over $500 million to scammers over the past two years.
