Major bank stops scammers in their tracks with new technology

In an age where digital convenience is king, the unfortunate reality is that it’s not just consumers who are taking advantage of the online world—scammers are too. They’re becoming increasingly sophisticated, and their tactics are more deceptive than ever. This has left many Australians, particularly those over 50 who may not be as tech-savvy, feeling vulnerable to the constant threat of online fraud and identity theft.

Fortunately, there’s good news on the horizon, especially for Westpac customers, as the banking giant has rolled out a new feature designed to put a stop to these nefarious activities: Westpac SafeBlock.

Westpac SafeBlock is the financial institution’s latest move in the fight against cybercrime. It’s a security feature that gives customers the power to quickly and easily block potential scam transactions.

So, how does Westpac SafeBlock work? It’s simple. If a customer suspects they’ve been targeted by a scam or notices a transaction that they don’t recognise, they can use the Westpac Live app or online banking platform to block further transactions immediately.

• Access Westpac SafeBlock through the app.
• Activate SafeBlock. Activating it will block new digital payments, transfers, or card purchases. Note that pre-scheduled transfers and subscriptions established with a BSB and account number will continue as normal.
• With the SafeBlock in place, customers can report any suspicious transactions. Westpac, on its end, will investigate and contact customers for potential fraudulent activity.

The beauty of SafeBlock is in its immediacy. In the past, customers would have to go through the process of contacting their bank, navigating customer service, and potentially waiting on hold—all while their funds were at risk. Now, with just a few taps on your smartphone or clicks on your computer, you can secure their accounts instantly. It’s a level of control that could provide peace of mind in an otherwise stressful situation.

‘We are protecting our customers from the ongoing threat of scams. Westpac SafeBlock is a game-changer, offering customers a simple yet powerful tool to protect their accounts if they think they’ve been scammed,’ said Westpac Group Executive, Customer & Corporate Services Carolyn McCann.

‘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.’

She added, ‘We’re continuing to introduce new tools to help bring down scam losses but we need other organisations across Australia to step up and stop scams at the source, so we can shut these criminals down.’

Westpac’s commitment to customer safety doesn’t end with SafeBlock. The bank has also invested in other scam prevention initiatives, including call spoofing measures, sophisticated detection technology, inbound payment detection, merchant and cryptocurrency blocks, and verification alerts, among many others.

For our readers at YourLifeChoices, the introduction of this new technology is a significant step forward. It’s an acknowledgement that while the digital age has brought us many conveniences, it also requires new defences.

We encourage you, our readers, to stay vigilant and informed about the latest security features offered by your banks. It’s essential to take advantage of these tools and to educate yourself on how to recognise and avoid scams. Remember, the best defence is a good offence.

Have you had an experience with online scammers, or have you used Westpac SafeBlock already? We’d love to hear about your experiences and any tips you might have for fellow readers. Share your stories in the comments below.

Also read: CBA tightens security amidst growing cyber threats—what you need to know