Westpac rolls out real-time alerts against scams and fraud

By Edil Corneille

Australian bank Westpac is implementing its new scam-detection technology across its branch network to protect consumers where a spike in scams are being witnessed targeting Australians since the start of the COVID-19 pandemic. The new technology will send branch employees of the bank, real-time alerts as the payments are being processed. So those suspicious transactions can be identified and investigated on-the-spot.

Westpac’s Chief Customer Engagement Officer, Ross Miller, said the move will help further safeguard customers from losing funds to scams and fraud.

“Scams and fraud continue to be a real issue in the community, with our research showing the average person loses $12,000 when scammed1. But the financial and emotional toll can be much higher.

“While we can’t stop every loss, this is another layer in the net to help catch high risk transactions by using the latest real-time technology to analyse the transaction and detect potential scams or fraudulent activity.

“We’re also using people power to bolster this technology, including further training for our frontline bankers to help with monitoring transactions and supporting customers if there is cause for concern.

“These changes will further enhance Westpac’s scam and fraud detection capabilities across all our banking channels; whether using our online and mobile banking services, making online purchases, or transacting in our branches.”

The technology works by providing real-time analysis through Westpac’s dedicated fraud team to indicate if the transaction is at high risk of being a scam or fraud. If a transaction is suspected fraudulent, the system will prompt a series of questions to help the banker determine whether to pause or decline the payment.

In addition to enhanced training across its branch network, over the past 12 months Westpac has also created a full-time Scam Assist team to support scam detection and prevention for customers. Westpac also recently released a Financial Abuse Support Guide to help educate Australians about protecting those who might be more vulnerable to fraud or scam-related activity.