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In an Australian banking first, Westpac has announced it will integrate a fraud detection system in its digital payment platforms, so customers are warned when it looks like they are about to be scammed in real time.
The new prompts will be activated when customers enter payment details in online or mobile banking which the bank detects to be a higher scam risk.
The prompts will inject important friction into the payment process, helping alert customers ‘in the moment.
This will add less than a minute to the payment process, but it could save a customer much more than that if they are being targeted by scammers.
This isn’t a catch-all. Information sharing and verification needs to link up across all other banks such as through confirmation of payee technology, so that many more customers are protected from scams.
Without mandatory legal obligations on banks to prevent, detect and respond to scams, it will be hard to gauge how effective these steps will be and how customers can seek reimbursement when they are not met.
We made a promise to the people of NSW to implement safe staffing levels in NSW public hospitals, and that’s exactly what we’re delivering. This will make a world of difference for health workers.
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