How we’re working to make your banking safer

Peter King
01:00pm August 21 2023

Customers can make more secure digital transactions by using new functions such as dynamic CVC and PayID. (Getty)

The rise of fraud and scams is a growing global issue and it’s top of mind for me. We’re doing everything we can to disrupt scammers and help keep you safe, but we also need you, our customers, to take action. 

Recently, we’ve launched some significant new capabilities to help protect customers, including the below features for payments and account security.

Payments

- Dynamic CVC: A CVC is the three-digit code on the back of your card. In the digital version of your card (which you’ll find in the Westpac app), that code is dynamic – it changes every 24 hours. Using the digital CVC keeps you safer because if criminals access your card details, the code is likely to have already expired so they can’t use it. 

- PayID: You can set up PayID with your mobile number and use it to send or receive payments (instead of using your BSB and account number). When you make a payment via PayID, the name connected to the account is automatically populated so you can check the money is going to the right place. 

- Payment limit and transaction notifications: You can set daily payment limits in your Online Banking. Having a lower payment limit is safer – you can always change it temporarily if needed. You can also turn on notifications for when money comes into or leaves your account so you’re immediately made aware of any unexpected transactions. 

Online Banking security

- Fraud and scam alerts: We’re making our security notifications more secure. When we suspect fraud or a scam on your account, we send a push notification via the app (if you have push notifications turned on) so you can confirm if it was genuine. 

- Longer passwords: Some of our customers have shared they want to set longer and more complex passwords. In the coming months, you’ll be able to set a new password that can be up to 30 characters and include numbers, letters, upper and lowercase and special characters. 

- eStatements: Choosing to receive an ‘eStatement’ can be safer than receiving statements by mail – it means your statement is available securely in the app or through Online Banking, which may reduce the risk of identity theft.

Finally, remember our bankers will never ask for your Online Banking password or security codes, so please always keep these to yourself. You can also stay up to date with the latest scams on our website.
 

Peter King

Peter was appointed Westpac Group Chief Executive Officer in April 2020. Peter previously held this role on an acting basis between December 2019 and March 2020. Prior to this, he was Chief Financial Officer since April 2014, with responsibility for Westpac's finance, group audit, tax, treasury and investor relations functions, following three years as Deputy CFO. Since joining Westpac in 1994, Peter has held senior finance positions across the Group, including in Group Finance, Business and Consumer Banking, Business and Technology Services, Treasury and Financial Markets. He commenced his career at Deloitte Touche Tohmatsu.

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