Westpac Verify will now include an up-front risk indicator to alert customers when there is a potential account name mismatch when they’re adding a new payee using a BSB and account number. It will also warn customers when Westpac has not made a payment to this account before. The alert will prompt customers to review payee details, helping to stop scams and mistaken payments in real time.
The bank’s officials stated that despite a reduction in scam losses, scammers continue to impact Australians significantly. Westpac Verify aims to help individuals and small businesses identify potential scams before payments are made, targeting scams like investment and fake invoice frauds.
To further support businesses, Westpac is also extending its SaferPay capability to small business customers. Westpac SaferPay alerts customers to potential scams by asking a series of questions which are presented for new payments detected to have potential scam risk. If customer responses suggest the payment may be a scam, Westpac will not allow the payment to be processed.
Westpac SaferPay has been in operation for consumer payments since March 2024. It has prevented customers from making approximately USD 1 million in potential scam payments.
In an effort to further curb fraud, Westpac will also now require customers to enter a description for payments to other bank accounts made via the mobile app, to help identify and block potential scam payments. The more information they know about a payment, the more their fraud systems can find the likely scams among the millions of genuine payments and help to protect customers’ funds.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now