Westpac launches ‘Westpac Verify’ to help protect customers from potential scams
Westpac is launching ‘Westpac Verify’, offering a new layer of security to help protect customers from potential scams.
Westpac Verify will alert customers if there is a potential account name mis-match for payments to a new BSB and account number via the New Payments Platform (NPP). The alert will also apply when a customer transfers money to an account Westpac has never transacted with before.
In these instances, the payment will be put on hold for four hours and customers will receive an SMS prompting them to review the transfer.
Westpac Chief Executive of Consumer & Business Banking, Chris de Bruin, says the new measure has been introduced as scams continue to grow at an unprecedented rate.
“Our latest customer scam data revealed customer losses reached a new record high in December, doubling from the year prior,” Mr de Bruin said.
“The majority of scam-related transactions happen when a customer is tricked into transferring their money to a scammer via online or mobile banking. They may think they’re sending money to a legitimate business, individual, or bank account they’ve been told has been set up in their name, but they’re not.
Westpac will now pause some payments and give customers an opportunity to check if the recipient details are correct before proceeding with a transaction, adding another layer in the net to catch potential scams.
This may also help reduce cases of mistaken payments, where money is sent to an unintended recipient by accidentally entering incorrect BSB or account numbers. We continue to urge customers to use PayID, which provides even more protection.”
Westpac Verify will alert customers to potential scams, including when there is a potential account name mismatch in NPP payments to a new BSB and account number or when money is being sent to an account a Westpac customer has never transacted with before.
Customers will receive an SMS advising the payment has been paused for four hours and to check if details are correct. If something doesn’t look right, customers should contact us immediately to change or cancel the payment.
If no action is taken by the customer, the payment will proceed after four hours.
Testing of the new feature is underway and will be progressively rolled-out to customers over the next month.
Westpac joins the Commonwealth Bank of Australia in announcing such a verification measure.