Tuesday, April 16, 2024
12.5 C
Los Angeles

Westpac Launches Cutting-Edge Digital Payment Security to Combat Scams in Real Time

AI/MLWestpac Launches Cutting-Edge Digital Payment Security to Combat Scams in Real Time

Westpac, an Australian banking firm, is introducing new digital payment security features to combat scam losses. They will integrate fraud detection systems with digital payment platforms to help customers spot potential scams in real time during payment input.

This marks the first use of such technology in Australia’s banking sector. When customers enter payment details online or on mobile banking that are flagged as high scam risk, the system will prompt them with questions to assess the risk. If responses suggest a high likelihood of a scam, Westpac will block the payment.

This enhanced security feature aims to protect customers from falling victim to scams, especially when scammers attempt to make payments appear legitimate.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

Check out our other content

Ad


Check out other tags:

Most Popular Articles