Westpac brings out new strategy to save you millions from fraudsters
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In an era where digital transactions are as common as a morning cuppa, the threat of online scams looms large, particularly for those who may not be tech-savvy.
But there's good news on the horizon for customers of Westpac, one of Australia's big four banks, who are taking a stand against these digital-age bandits with a pioneering new security feature.
Westpac has recently introduced an innovative AI-powered tool called Westpac SaferPay, designed to add a layer of protection for its customers against the ever-evolving tactics of scammers.
This new feature is a game-changer in the fight against fraud, and here's why it's such a big deal.
The Westpac SaferPay system is a clever blend of technology and human intuition.
When you're about to make a payment that the system flags as potentially risky, it will prompt you to answer a series of dynamic questions.
These aren't your run-of-the-mill security questions; they're tailored to the situation and designed to make you think twice about the transaction you're about to make.
For instance, if you're about to send money for an investment opportunity that you stumbled upon via an unexpected phone call or a social media ad, the system might ask you to confirm the details of the investment and how you found out about it.
If your responses raise red flags, indicating a high likelihood of a scam, Westpac will put the brakes on the transaction.
Over the past two years, Westpac's vigilant fraud detection systems have prevented customers from losing over $400 million to these nefarious schemes.
With the introduction of Westpac SaferPay, CEO Peter King is confident that they can save Australians millions more.
‘While our prevention measures have led to a considerable drop in customer losses over the last year, fraudsters are still taking millions of dollars from our customers each month—particularly through fake investment offers, impersonation calls and texts, and intercepted emails,’ he said.
‘This innovation is the first of its kind in Australia and will add important friction to payments deemed to have high scam risk.’
Initially, Westpac SaferPay will be integrated into the Westpac mobile banking app, with plans to extend it to online banking in the near future.
This proactive approach is particularly crucial as we've seen a rise in various types of scams this year, including investment scams, business email compromise, romance scams, remote access scams, and buying and selling scams.
You can watch Westpac’s video below:
Credit: Westpac Banking / YouTube
Have you used Westpac SaferPay already? Share your thoughts with us in the comments below.
But there's good news on the horizon for customers of Westpac, one of Australia's big four banks, who are taking a stand against these digital-age bandits with a pioneering new security feature.
Westpac has recently introduced an innovative AI-powered tool called Westpac SaferPay, designed to add a layer of protection for its customers against the ever-evolving tactics of scammers.
This new feature is a game-changer in the fight against fraud, and here's why it's such a big deal.
Westpac launched Westpac SaferPay to combat scams. Credit: Westpac
The Westpac SaferPay system is a clever blend of technology and human intuition.
When you're about to make a payment that the system flags as potentially risky, it will prompt you to answer a series of dynamic questions.
These aren't your run-of-the-mill security questions; they're tailored to the situation and designed to make you think twice about the transaction you're about to make.
For instance, if you're about to send money for an investment opportunity that you stumbled upon via an unexpected phone call or a social media ad, the system might ask you to confirm the details of the investment and how you found out about it.
If your responses raise red flags, indicating a high likelihood of a scam, Westpac will put the brakes on the transaction.
Over the past two years, Westpac's vigilant fraud detection systems have prevented customers from losing over $400 million to these nefarious schemes.
With the introduction of Westpac SaferPay, CEO Peter King is confident that they can save Australians millions more.
‘While our prevention measures have led to a considerable drop in customer losses over the last year, fraudsters are still taking millions of dollars from our customers each month—particularly through fake investment offers, impersonation calls and texts, and intercepted emails,’ he said.
‘This innovation is the first of its kind in Australia and will add important friction to payments deemed to have high scam risk.’
Initially, Westpac SaferPay will be integrated into the Westpac mobile banking app, with plans to extend it to online banking in the near future.
This proactive approach is particularly crucial as we've seen a rise in various types of scams this year, including investment scams, business email compromise, romance scams, remote access scams, and buying and selling scams.
You can watch Westpac’s video below:
Credit: Westpac Banking / YouTube
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