Westpac is ramping up its anti-scam technology, as dodgy online transactions rise.
A trial of the technology stopped over 11,000 potential scam transactions last year, halting $1.2 million in fake charges.
The bank has since widened these measures, blocking $6 million in dodgy transactions since this January. Westpac is currently blocking 1,000 transactions a day.
The software targets overseas retailers who are on a watchlist. The bank automatically notifies an Australian customer when a transaction is attempted and blocked.
“We’ve been very impressed at the accuracy we’ve been able to achieve so far,” Westpac head of fraud Ben Young said.
“The levels of misrepresentation are not as strictly enforced in other areas of the world.
“You can essentially send your money anywhere, whereas the bank can play a more active role in keeping an eye on transactions.”
Westpac’s modelling predicts it will stop an additional 2,000 customers each day from losing an estimated $120 million annually to unscrupulous retailers.
