Following this announcement, Westpac is expected to seek more information and data on the spot from customers and clients who are deemed at risk of paying scammers. This process is set to take place with the use of a new artificial intelligence (AI)- powered capability entitled SaferPay, which will be inserted into the company’s banking application.
SaferPay is expected to insert a series of questions into the payment flow in order to make the process more secure and efficient. Westpac will focus on meeting the needs, preferences, and demands of customers in an ever-evolving market, while also prioritising the procedure of remaining compliant with the regulatory requirements and laws of the industry.
Westpac represents an Australia-based company that provides a broad range of customer, business, and institutional banking and wealth management tools, through the use of a portfolio of financial solutions brands, firms, and businesses. The institution’s strategy and main purpose are focused on launching optimised opportunities for customers and partners, while also contributing to the development of the overall financial landscape.
SaferPay was developed in order to present clients with a series of questions in instances where Westpac detects transactions that have high scam potential. The presented questions were designed in order to vary for each client, based on the information and data that the user provides. In addition, they will be activated if Westpac’s fraud systems detect a potential scam after the payment details are entered into their online or mobile banking.
Throughout this launch, if a customer’s set of responses suggests that the payment is highly likely to be a scam, Westpac is expected to stop the transaction from being processed. The questions will continue to be adapted over time in order to add safety and flexibility to the product, as well as to respond to new or emerging scam trends.
SaferPay is set to be launched in the company’s application before being expanded to multiple online banking capabilities in the following months.
Westpac will continue its strategy of providing customers and partners with secure and efficient products in order to optimise the fight against fraud and other online threats. The company will focus on making the region of Australia a hard target for scammers, while also applying the same protection offerings across the entire scam ecosystem. In addition, Westpac will work underway by the federal government on a mandatory industry code that considers an approach focused on the whole ecosystem, aiming to effectively and quickly tackle fraud problems and challenges.
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