In an effort to combat record customer losses due to scams, Australian bank Westpac is implementing an additional security layer for online payments.
Currently in beta testing, Westpac Verify will notify customers if a potential account name mismatch exists for payments made via Australia’s New Payments Platform to a new BSB and account number. When a customer transfers funds to an account with which Westpac has never done business before, the alert will also be issued.
In such cases, the transaction will be suspended for four hours, and clients will get a text asking them to check the transfer. The transaction can then be stopped or allowed to proceed.
Read More: Westpac adds anti-scam feature