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Westpac to implement new fraud protection measures within its branch network

Monday 10 August 2020 11:39 CET | News

Westpac has announced plans to implement new fraud protection measures within its branch network after flagging a spike in scamming activity.

According to news.com.au, since the onset of the COVID-19 pandemic, Westpac stated it will implement new scam detection technology across its national network of bank branches, in an attempt to curb financial crimes and fraud.

Moreover, Westpac’s new technology will send bank tellers real-time alerts as payments are being processed. Therefore, if a transaction looks suspicious it will prompt an employee to ask a range of questions that will determine whether the customer wants to pause or decline a payment.

Furthermore, a research conducted by Westpac shows that a person loses on avarage USD 12,000 when scammed. The most common scams include being tricked into sharing personal details from scammers who pretend to be a familiar, business, or the government.

Besides, it identified that 43% of respondents did not know the difference between a scam or fraud, an increase of 21% compared to the previous year. Additionally, 22% of Australians are unable to detect a romance scam and 14% did not recognise suspicious email phishing scams.

More: Link


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Keywords: Westpac, fraud protection, scam detection technology, real-time alerts, romance scam, email phishing
Categories: Banking & Fintech | Digital Identity, Security & Online Fraud
Countries: Australia
This article is part of category

Banking & Fintech