The tool, available on the bank’s PaymentsPlus platform from late September, checks payee details before payments are made, aiming to prevent payment redirection scams.
“Westpac Verify will help our clients ensure they’re paying the right recipients,” said Nell Hutton (pictured above left), chief executive of Westpac Institutional Bank.
See LinkedIn post here.
Payment redirection scams, also known as business email compromise, caused $92 million in losses in 2023, according to ACCC.
Scammers typically intercept legitimate invoices and alter bank details to divert payments into fraudulent accounts.
“International scammers target Australian businesses... the damages are significant,” Hutton said, emphasising the importance of tightening payment processes.
mismatches in payee information before a payment is initiated.
Westpac’s success with retail customers
Westpac Verify initially launched for retail and small business customers in April, saving over $50 million in scam and mistaken payments.
This expanded rollout aims to further enhance security measures for businesses making large and frequent payments.
Westpac Verify provides an additional layer of security, alerting businesses to potential mismatches between account names and numbers, reducing the risk of fraudulent payments.
This feature is designed to support businesses and government agencies in safeguarding their transactions.
Ben Young (pictured above right), head of fraud prevention at Westpac, shares valuable tips on avoiding business email compromise scams in this video: SCAM SPOT: Has your biller been hacked.
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