To help clients from falling victim to online scams, Westpac has adopted new automatic transaction safety features.
Following a successful experiment last year, the national bank will now automatically block transactions conducted via online card payments that it considers to be fraudulent and notify clients via SMS.
Customers using their Westpac credit or debit card, as well as third-party mobile wallet providers, can use it.
According to the bank, its detection technology can recognise transaction patterns, merchant behaviours and attributes, as well as past customer reports, in order to add and remove merchants from its high-risk lists.
Ben Young, Westpac’s head of fraud, said the bank aims to “put an end to online frauds” by prohibiting misleading businesses from “selling or duping Aussies into handing over money for things they won’t receive.”
“The technology adds another layer of security for our online customers and intervenes when they make a purchase with a questionable retailer,” says the company.
“The new capacity complements our existing 24/7 fraud detection systems, which are aimed at blocking transactions using stolen or duplicated cards.”
“As scams get more sophisticated, banks are becoming more adept at identifying them, and we want scammers to know that we are keeping an eye on them and taking steps to protect our consumers,” Young said.
