Westpac, a financial institution operating in Australia and New Zealand, plans to allow its customers to block their accounts.
It’s worth noting that in this case it is implied the possibility of immediate action. The financial institution intends to launch a blocking mechanism via app or online banking. The corresponding feature, which will be launched in a few months, is called SafeBlock. In this case, the bank’s customers will be able to block accounts if they suspect that they are being scammed. The relevant information is contained in a press release published by the financial institution last Monday, March 24.
The press release also noted that after activation, the new feature will block digital and card payments, transfers, and ATM withdrawals. Pre-scheduled transfers and subscriptions with a BSB and account number will be carried out as usual.
The press release stated that after the launch of SafeBlock, the bank’s customers will be able to report any suspicious transactions to Westpac for investigation.
Carolyn McCann, group executive, customer and corporate services at Westpac, said this is a break-glass emergency option for customers so they can stop a scam at the moment when acting fast is absolutely vital.
According to the press release, SafeBlock will join several other scam-fighting tools that the financial institution has added over the past two years. In this case, Westpac SafeCall is also meant. This tool verifies that calls through the app are from the bank. Westpac SaferPay asks customers questions in cases when a payment is considered a high risk of being a scam. WestPac Verify warns consumers about a possible account name mismatch when they are adding a payee.
The press release noted that the financial institution has also added Dynamic CVC, cryptocurrency blocks, merchant blocks, call spoofing measures, inbound payment detection, and technology to combat remote access scams.
Carolyn McCann stated that it continues to launch new tools that help reduce scam losses. At the same time, in the relevant context, the need was noted for other organizations across Australia to also intensify related activities and stop scams at the source.
In December, it became known that HSBC Australia was facing a lawsuit amid alleged fraud-prevention failures. The Australian Securities and Investments Commission (ASIC) said that it was suing the mentioned bank. In this case, the financial institution failed to have proper controls to identify and stop unauthorized payments.
An HSBC spokesperson confirmed the mentioned information in a media comment. In this context, the willingness of the financial institution to constructively interact with ASIC was noted separately. An HSBC spokesperson also stated that protecting customers from scammers remains a top priority for a financial institution.
It is worth noting that against the background of the active development of advanced technologies, including artificial intelligence, the issue of cybersecurity is growing in urgency. Scammers also have access to AI tools, which is why their activities have become more sophisticated. To counteract the corresponding threat in a virtual environment, personal awareness of users is important. For example, an Internet search query such as how to know if my camera is hacked will allow anyone to get information about signs of unauthorized access to the device. Digital literacy is an effective tool for combating cybercrime. At the same time, relevant knowledge should be updated periodically, as criminals seek to use the most advanced technologies in their activities.
