Enhancing Security Measures: Westpac Bank in Australia Introduces Questionnaire for Customers Expressing Doubt When Transferring Funds, Preventing Fraudulent Money Transfers.

Westpac Bank in Australia has introduced the SaferPay feature, which prompts users with a questionnaire when they make transactions to ensure security. The Westpac app will display questions to highlight the reasons behind the money transfer.

If users have suspicions during a transaction, the app will present a questionnaire. If the user’s responses indicate potential deception, the transaction will be blocked. This approach mirrors bank employees who may question suspicious transactions when customers visit a branch.

The SaferPay feature will initially be available through mobile banking before expanding to all digital channels by 2025. Australian banks are using this strategy to reduce fraud, with NAB also launching a similar service earlier.

While news of scams often revolves around money being taken through apps, many scams actually rely on manipulating victims into transferring money themselves to criminals. In Singapore, the damages from scams in 2023 were six times higher than losses from app fraud.

Source: ITNews.com.au

TLDR: Westpac Bank in Australia implements the SaferPay feature to enhance security by using questionnaires during transactions to prevent fraud, a proactive approach also taken by other banks like NAB. Scams often involve tricking victims into transferring money, with losses from such scams exceeding losses from app fraud.