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Westpac is set to launch a new security feature, SafeBlock, aimed at providing customers with an immediate way to block their accounts and cards through its app or online banking.
The new feature is part of the Australian banking giant’s ongoing efforts to enhance protection against scammers.
The announcement comes in the wake of a concerning report from social media platform Meta, which revealed that more than 230,000 scam ads were run on its platforms since 2019, many featuring images of mining magnate Andrew Forrest to promote fraudulent investment schemes.
Recent data from the National Anti-Scam Centre revealed that Australians lost more than A$2bn ($1.2bn) to scams last year.
Although losses have started to decrease, partly due to improved awareness and technological advancements, the increasing sophistication of scammers remains a significant challenge.
The SafeBlock feature will be available through Westpac’s mobile app and online banking services in the coming months.
It adds to a growing list of tools developed by the bank to help customers identify and prevent scams, such as Westpac Safecall, Saferpay, and Verify.
Westpac Group Executive Customer and 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.”
In February this year, Westpac partnered with Accenture to improve digital banking capabilities with AI-powered agents.
"Westpac to introduce SafeBlock feature to curtail rising scams" was originally created and published by Retail Banker International, a GlobalData owned brand.
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