As scams rise Westpac intros Verify to safeguard customer payments

Westpac has launched Westpac Verify, an alert system to protect customers from potential scams when sending money.

The alert system software via the New Payments Platform (NPP), a national technology infrastructure that handles real-time clearing and settlements of payments. 

Westpac’s chief executive of consumer and business banking, Chris de Bruin says scam-related transactions where customers are tricked into sending money to illegitimate businesses, people and banks have grown at an unprecedented rate.

The new feature system will hold payments for new or unknown accounts for four hours, giving customers plenty of time to double-check if they’ve inputted the account information correctly and check the legitimacy of whom they are paying.

Bruin says that customers will receive a text message urging them to check payment details and contact the business or individual to ensure the transaction is legitimate. If no action is taken, then the payment will proceed after four hours.

According to Australian Competition and Consumer Commission’s Scamwatch , Aussies have lost $53 million to online scams in January 2023 alone.

Although Westpac has taken initiatives to tackle this growing problem, what about other big banks?

How the CommBank, NAB and ANZ protect customers from scams

Below we have collated what CBA, NAB and ANZ are doing to protect their customers from scams, as per information on their media room websites:

CommBank

• CBA recently introduced NameCheck. It gives customers a warning if the banking information they entered online looks wrong. CBA hopes that it’ll reduce false billing scams and mistaken payments.
  

NAB

• To reduce spoofing scams – or impersonation scams – NAB has registered bank phone numbers on the ‘Do Not Originate’ list to help minimise scam calls impersonating NAB numbers. The bank is also offering free online security webinars and educational material on popular social media apps.
  

ANZ

• To protect your account, the bank offers ANZ Shield, a security app that verifies your ANZ internet banking activity and gives you extra security for different types of transactions.

Remember, while these are preventative measures to detect scams, the best way to avoid them is to know what to look for. If you want to know exactly what your bank is doing to prevent scams, contacting them directly is the best way to find out.

To get more information on how to avoid scams check out Mozo’s Family Finance page to find a bunch of guides and tips.