The big bank said it will also upgrade its existing Westpac Verify feature, which warns customers of a potential account name mismatch for payments to new BSB and account numbers, or money being moved to an account Westpac has never transacted with before.
Customers entering a new payee into their online or banking for the first time will be shown a scam risk rating, they can assess if they want to proceed with a payment.
“The enhanced Westpac Verify capability adds another layer of security by alerting customers before a payment is made,” King said.
“This includes instances where the entered account name doesn’t match that of the receiving account, a common tactic employed by scammers who make you believe you’re sending money to a legitimate business, individual, or bank account they’ve said has been set up in your name.”
Westpac said the new features will be tested and developed over the coming months and that the bank was prepared to share the technology across the industry to help protect more customers.
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- Source: https://www.mpamag.com/au/news/general/westpac-introduces-new-scam-prevention-features/458337
