Westpac has announced that it will be increasing its online security measures to protect its customers from potential scams. The bank has seen a new peak in losses suffered by account holders and is taking additional steps to protect its customers.
The new software, Westpac Verify, will alert customers to any suspicious transactions and allow them to cancel payments before the money is sent if they believe they have been scammed.
The new software will use advanced security measures to detect any unusual activity on customer accounts and alert them if there is any suspicious activity. Westpac will also be able to monitor customers accounts for signs of fraudulent activity, such as large amounts of money being transferred to unknown accounts.
In addition, the bank will use two-factor authentication, which requires customers to provide two pieces of information such as a PIN and a fingerprint or face scan, to access their accounts.
Chris de Bruin, the Chief Executive of Consumer and Business Banking at Westpac, has reported the bank has witnessed a dramatic increase in the number of scams.
“In December, the data regarding customer scams showed that customer losses had hit an unprecedented peak, more than doubling from the amount in the previous year,” Mr de Bruin said.
“Most scam-related transactions occur when a person has been deceived into transferring their funds to a scammer through online or mobile banking.”
“Westpac has implemented a new measure whereby they will temporarily suspend certain payments, allowing customers to verify that the recipient details are accurate prior to completing the transaction, thus reinforcing the security measures used to combat potential scams.”