In a robust push against financial fraud, major Australian banks Westpac and CommBank have unveiled significant initiatives aimed at bolstering scam prevention.
In an effort to enhance customer security, Westpac is set to introduce SafeBlock, a new feature allowing customers to swiftly block their accounts upon suspecting any scam activity.
This service, which will be accessible through the Westpac app and online banking, will enable users to halt new transactions, including digital and card payments, transfers, and ATM withdrawals, thus providing an immediate response to potential fraud threats.
Carolyn McCann (pictured left), Westpac group executive of customer and corporate services, highlighted the feature’s importance.
“Westpac SafeBlock is a game-changer, offering customers a simple yet powerful tool to protect their accounts if they think they’ve been scammed,” McCann said.
The feature adds to a robust suite of security measures Westpac has developed, including dynamic CVC codes that change daily and sophisticated scam detection technologies that have already prevented over $400 million in potential scam losses.
Simultaneously, CommBank has launched a new campaign, “Talk to a Loved One,” aiming to foster open discussions about scam awareness across generations.
The campaign, led by Australian journalist Jess Rowe and her mother Penelope, encourages families to share their experiences and knowledge about scams, thereby enhancing communal safety.
James Roberts (pictured right), CommBank’s head of group fraud, emphasised the importance of education in scam prevention.
“At CBA, we have seen customer scam losses decrease by 70% over two years, and we know education is one of the most important parts of fraud and scams prevention,” Roberts said.
The bank has also unveiled a scam safety tips webpage, offering a wealth of resources to educate the public about recognizing and preventing scams. The initiative reflects CommBank’s commitment to reducing the impact of fraud on Australians, particularly older citizens who have been disproportionately affected by scam losses.
Both banks are calling on other organizations across Australia to intensify their efforts to combat scams at the source.
As scammers continue to exploit busy periods and the vulnerability of unsuspecting customers, these new tools and educational campaigns are critical in the collective fight against fraud.
“We’re continuing to introduce new tools to help bring down scam losses but we need other organizations across Australia to step up and stop scams at the source, so we can shut these criminals down,” McCann said.
These initiatives represent a significant advancement in the financial industry’s approach to protecting consumers from the increasing threat of online scams and fraud.
As these banking giants roll out new technologies and campaigns, customers are encouraged to stay vigilant and participate in these educational initiatives to safeguard their financial assets and personal information against scammers.
These initiatives from Westpac and CommBank follow ANZ’s introduction of the Digital Padlock and NAB’s efforts to dismantle fraudulent websites.
