Westpac has introduced a new security measure, called Confirmation of Payee, to protect customers against payment scams and errors.  

This feature extends the bank’s existing verify capability, which notifies customers of any mismatch between account names, BSB and account numbers that have been used in previous payments by other Westpac Group customers. 

It works by cross-referencing the account name provided by the customer with the records held at the recipient’s bank, ensuring that the payment is being directed to the correct party.  

According to Ben Young, Westpac’s head of fraud prevention, this is part of the bank’s investment in measures to combat fraudulent activities. 

Young said: “Scammers are becoming more sophisticated, finding new ways to trick unsuspecting Australians into handing over their hard-earned money. This is why it’s so important for us to continue to invest in ways to help keep our customers safe. 

“The introduction of Confirmation of Payee builds on our existing Verify technology and will help customers confirm they’re paying the right person, potentially stopping a scam in its tracks.” 

Since the launch of Westpac’s Verify technology in June 2024, the bank has reported a reduction in mistaken payments, with more than 400 incidents prevented daily.  

The move complements Westpac’s existing scam prevention initiatives, such as SafeCall and SaferPay.  

Over the past two years, these combined efforts have been successful in preventing customer losses totalling over $500m to scammers. 

In May, Westpac has begun piloting an AI-driven call assistant within its dedicated scam and fraud team.  

This tool is designed to identify potential scam indicators during customer interactions and support operators in providing effective responses to prevent scams. 

Set to roll out soon, SafeBlock will enable customers to instantly block their account via the app or online banking when they suspect a scam.