Westpac is stepping up its fight against scammers by launching new security features for consumer and small business customers.

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.

Westpac Head of Fraud Prevention, Ben Young, says the introduction of the new Westpac Verify feature could help stop more scams in the moment and could save customers millions.

“Scammers are always finding new ways to target unsuspecting Australians. So, it’s important we’re continuing to make it harder for them to operate here in Australia. Our latest customer scam data reveals losses have come down, but we know scammers are still wreaking havoc and having a devastating impact on people’s lives.”

“Westpac Verify will help individuals and small businesses identify potential scams before they’ve made a payment, which could save them from losing significant amounts of money. The new capability helps to shut down scams including investment and fake invoice scams, which rely on the victim not realising they’re paying a scammer instead of their intended recipient.”

Westpac extends SaferPay capability to small business clients

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 this year. It has prevented customers from making approximately $1 million in potential scam payments.

H12024: Westpac saves customers A$120m in scam losses

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 we know about a payment, the more our fraud systems can find the likely scams among the millions of genuine payments, and help to protect customers’ funds.

In the first half of FY24, Westpac saved customers over A$120m in scam losses, representing a 32% reduction compared with the same period last year.

"Westpac launches real time warnings for scam payments" was originally created and published by Retail Banker International, a GlobalData owned brand.