Australians lost over $2 billion to scams last year according to the latest report from the National Anti-Scam Centre and while that number is decreasing thanks to greater awareness and new technologies, the sophistication of scammers is not slowing down.
In its latest move to stop scammers, Westpac announced it will introduce SafeBlock, a new feature that allows customers to block their accounts and cards in an instant via the app or online banking.
Westpac’s Group Executive, Customer & Corporate Services, Carolyn McCann said “From experience, we know that scammers strike when we are at our busiest, often catching out unsuspecting customers. With SafeBlock, if a customer suspects they have been scammed, they will be able to immediately block their accounts in the app, preventing any further damage.”
“This is a break-glass emergency option for customers so they can stop a scam in the moment when acting fast is absolutely vital.”
SafeBlock is the latest in a long list of initiatives by the bank to help keep customers safe, with the bank’s Head of Fraud Prevention, Ben Young describing it as a “a panic button customers can press and it will lock down their accounts and cards if they think they’ve been scammed or given away their personal details.”
This announcement comes days after social media giant, Meta confirmed it has run over 230,000 scam ads on its platforms since 2019 using images of mining boss Andrew Forrest to spruik fake investment opportunities.
“Scammers are always evolving and we keep seeing new variants on the scams. The top ones remain investment scams – they’re still the number one scam in town in terms of dollar loss,” Young said.
“Remote access scams are hugely popular, that’s when someone offers to take control of your computer to ‘help you’ and we’re seeing lots of buying and selling scams on social media sites.”
SafeBlock will be added to Westpac’s mobile app and online banking in the coming months, and is the latest in a growing list of initiatives by the bank to help keep customers safe. It will join Westpac SafeCall, SaferPay and Verify and many other features designed to alert customers to potential scams and prevent financial loss.
Brooke Davie is in Westpac’s Corporate Affairs team. She joined the bank in 2021, after spending close to a decade working with organisations in industries including finance, technology, travel and food and beverage.
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