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Westpac introduces SafeBlock

Wednesday 26 March 2025 13:22 CET | News

Westpac has launched a new feature called SafeBlock, which allows customers to block their accounts if they believe they are potential targets of a scam.

This technology increases security against scams and fraud by adding an extra layer of defence. When SafeBlock is activated in the Westpac app or online banking, new transactions such as payments and withdrawals are blocked, helping to prevent unauthorised access and financial loss. Customers have the option to deactivate SafeBlock once they have verified the security of their account.

The new feature will be available in the upcoming months through the Westpac app and online banking. In the last two years, Westpac has dedicated more than USD 100 million to scam prevention, protecting customers from losing over USD 400 million to scammers. Some key initiatives include:

  • Westpac SafeCall: verified calls to customers via the app;

  • Westpac SaferPay: questions for high-risk payments;

  • Westpac Verify: alerts for potential account name mismatches;

  • Dynamic CVC: changes card security codes daily;

  • Cryptocurrency blocks: limits payments to specific digital exchanges;

  • Merchant blocks: prevent payments to high-risk businesses;

  • Call spoofing measures: added 94,000 numbers to prevent impersonation;

  • Inbound payment detection: monitors incoming payments for scam indicators;

  • Detection technology: advanced tools to combat remote access scams.


Westpac introduces SafeBlock

 

How does Safeblock operates?

Westpac SafeBlock functions by allowing customers to access it through the app or online banking, enabling them to lock their accounts in just a few simple steps. Once activated, no new digital payments, transfers, or card purchases will be processed. However, pre-scheduled transfers and established subscriptions using a BSB and account number will continue as normal to minimise any disruption. After initiating a SafeBlock, customers can report any suspicious transactions and if the company identifies any potential fraud or scam activity they will be contacted. 


Source: Link


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Keywords: fraud management, fraud detection, online fraud, fraud prevention, identity fraud
Categories: Fraud & Financial Crime
Companies: Westpac
Countries: World
This article is part of category

Fraud & Financial Crime

Westpac

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