In an age where digital transactions are becoming common, the threat of scams is a pressing concern for many Australians.

It's a sad truth that scammers often target seniors, believing that the community members may not be as tech-savvy.

However, banks have taken a firm stand against scammers, and one bank has committed to expand its team to block scammers.

Westpac bolstered its defences against scams by expanding its fraud and scam operations team.

The banking giant recently added 50 new specialists to the ranks as part of a broader strategy to enhance scam prevention.

According to Westpac's recent data, the bank saved about $237 million in FY24 through advanced scam detection technologies.

Westpac launched more scam prevention tools on their online banking app. Image Credit: Westpac

Carolyn McCann, Westpac Group's Executive of Customer and Corporate Services, underscored the importance of being one step ahead of scammers.

'We are investing heavily in our scam detection and prevention capabilities to help keep our customers safe,' Ms McCann stated.

'Scam protection is a team sport, and we need other organisations across Australia to play their part. It's so important that social media platforms take action to shut scams down at the source.'

In addition to the increased workforce, Westpac also introduced a digital reporting feature that would let customers report scams, fraud, or mistaken payments directly on the Westpac app.

This feature is a testament to the bank's commitment to customer safety and convenience, making it easier than ever to flag suspicious activity.

Another fraud prevention feature is call spoofing prevention, which could notify customers if a caller is a legitimate person or a part of a scam.

Westpac also expanded its tools against fraudsters with a suite designed to protect customers' hard-earned money.

With about 550 fraud specialists at work and cutting-edge technologies at their disposal, Westpac proved themselves as an opponent for any scammer.

Earlier this year, Westpac discontinued its cashless withdrawal function due to a high amount of fraud and scam incidents related to the feature.

While it led to some frustration, Westpac assured its customers that they could still withdraw using their physical ATM cards.

With this and their updated fraud prevention tactics, the bank's proactive stance against scams should keep customers one step ahead in the ever-evolving digital landscape.

It's a comforting thought that banks are actively working to prevent scheming individuals from touching hard-earned money.

Key Takeaways

• Westpac recently enhanced its fraud and scam operations team by adding 50 new members.
• The bank's scam prevention efforts saved about $237 million thanks to its dedicated scam prevention technology.
• Westpac Group's Carolyn McCann underscored the continuous need for vigilance against evolving scams through the use of technology and human intervention.
• Westpac also called for collaborative action across various sectors, including social media, to combat scams.

What do you think of Westpac's commitment against scams? What can banks do more to prevent scams? Share your thoughts with us in the comments below, and let's help each other stay safe in this digital world.

 

[MarieT]

We got scammed earlier this year, I must admit that Westpac was onto it straight away and the put the money back in our account.