Westpac, one of Australia’s leading banks, has unveiled an innovative security feature, Westpac SaferPay, aimed at significantly reducing customer losses due to scams. This Australian-first innovation utilizes Artificial Intelligence (AI) to identify potential scams and prevent fraudulent payments, providing enhanced protection for customers.

Westpac SaferPay operates by alerting customers to potential scams through a series of tailored questions presented during new payments deemed to have high scam risk. If customer responses indicate a high likelihood of a scam, Westpac will block the payment from being processed, thereby safeguarding customers from financial losses.

Westpac CEO Peter King says the new feature seeks to save customers millions of dollars in scam losses.

“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,” Mr King said.

“Westpac SaferPay presents customers with a series of questions in instances where we detect a payment has high scam potential. The presented questions will vary for each customer, tailored based on the information the customer provides.

“This innovation is the first of its kind in Australia and will add important friction to payments deemed to have high scam risk.”

The introduction of Westpac SaferPay aligns with the broader industry initiative, the Scam Safe Accord, aimed at enhancing scam protection for customers across the banking sector. King emphasized the need for a unified approach to combat scams effectively, urging for consistent protection measures across various platforms and channels.

Westpac SaferPay will initially be available for payments made through Westpac’s mobile banking app, with plans to extend the capability to online banking in the near future. The feature adds a crucial layer of security to transactions, contributing to Westpac’s ongoing efforts to protect customers from scam activities.

Over the past two years, Westpac has saved customers over $400 million from being lost to scams and has invested more than $100 million in new detection and prevention measures. These measures include cryptocurrency blocks, enhanced verification capabilities, call spoofing measures, and advanced detection technology.

Westpac SaferPay operates by presenting customers with dynamic questions during payment transactions considered at higher risk of being a scam. These questions are activated based on Westpac’s fraud detection systems and adapt over time to address evolving scam trends, providing customers with enhanced security and peace of mind.

The introduction of Westpac SaferPay reflects Westpac’s commitment to leveraging innovative technology to protect its customers from fraudulent activities and ensure a safe and secure banking experience for all.