Utilising artificial intelligence, SaferPay is integrated with Westpac’s fraud detection systems, identifying scam red flags without affecting legitimate transactions.
The Australia-first innovation will notify customers of potential scams by posing questions for new payments with a high risk of fraud. Should the responses indicate a strong likelihood of a scam, Westpac will block the transaction.
“The presented questions will vary for each customer, tailored based on the information the customer provides,” Westpac CEO Peter King (pictured above) 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 available in Westpac’s mobile banking app, SaferPay’s capabilities will soon extend to online banking. The initiative is part of Westpac’s commitment to reducing scam losses, which, according to King, have seen millions of dollars lost monthly despite previous prevention measures.
See LinkedIn post here.
The launch follows the banking industry’s collective effort through the Scam Safe Accord, aimed at enhancing scam protection across all banks.
King highlighted the importance of a comprehensive approach to scam prevention and commended the federal government's efforts towards a mandatory industry code.
“To truly make Australia a hard target for scammers, we now need to apply the same protection across the entire scam ecosystem,” he said. “So long as scammers can freely operate across mobile phones, web browsers, and social media platforms, Australians remain vulnerable to scams.”
Over the past two years, Westpac’s efforts have prevented more than $400 million in potential scam losses and led to significant investments in new detection and prevention measures, such as cryptocurrency blocks, Westpac Verify, call spoofing measures, and advanced detection technology.
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