SaferPay is the newest scam-prevention security feature run by Westpac. SaferPay integrates Westpac's fraud detection technology with AI to prevent transactions that could line the pockets of scammers.
The initiative assesses the risk of a transaction based on the customer’s transaction history. If SaferPay flags a suspicious transaction, they'll ask the customer a series of questions. If the question's responses raise even more red flags, Westpac will refuse to process it. If they still want to proceed with the payment regardless of Westpac’s warnings, they’ll need to have a chat with their Scam Assist team on 1300 364 294. While this feature won't affect legitimate transactions, it's designed to make customers think twice.
SaferPay prevents Westpac customers from going through with sketchy transactions. Image: Westpac
SaferPay builds on the work Westpac’s already been doing in response to scams. They’re currently blocking high-risk crpyotcurrency exchanges, taking call spoofing measures, and using behavioural tools to prevent remote access scams.
In the past two years, Westpac has stopped over $400 million from falling into the hands of scammers. Their fraud and scam monitoring technology gets to know your financial behaviour and alerts you if any activity seems out of the ordinary.
“While our prevention measures have led to a considerable drop in customer losses over the last year, fraudsters are still taking millions of dollars from our customers each month – particularly through fake investment offers, impersonation calls and texts, and intercepted emails.” Westpac CEO, Peter King said in a press release.
Even though losses from scams are declining, the volume of scams is still high. According to Westpac, losses are tracking 32% lower this financial year compared to 2023. January this year saw the lowest recorded month of scam losses since August 2021.
SaferPay will launch in the Westpac app before migrating to online banking in the next few months.
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