Westpac is taking a bold step in the fight against financial fraud with the introduction of SafeBlock, a cutting-edge feature designed to empower customers when they suspect they are being scammed. This innovative tool allows users to immediately block their accounts via the Westpac app or online banking, preventing further transactions and safeguarding their finances.
Once activated, SafeBlock halts new digital payments, transfers, card purchases, and ATM withdrawals, ensuring that scammers cannot access funds. Customers can deactivate the feature once their account security is verified, providing an added layer of protection during moments of distress.
A game-changer in scam prevention
Westpac’s Group Executive of Customer & Corporate Services, Carolyn McCann, highlighted the importance of swift action in preventing financial loss.
"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," McCann stated.
She emphasized that scammers often strike when individuals are at their busiest, making it essential for customers to have immediate control over their accounts. SafeBlock serves as an emergency measure, enabling users to act quickly and prevent financial harm.
Expanding scam-fighting efforts
Westpac has invested over $100 million in scam prevention over the past two years, successfully saving customers more than $400 million. The bank continues to enhance its security measures with initiatives like SafeCall, SaferPay, and Verify, which alert customers to potential fraud risks. Other measures include call spoofing prevention, cryptocurrency blocks, and inbound payment detection.
SafeBlock is set to roll out in the coming months, reinforcing Westpac’s commitment to protecting customers from financial crime and ensuring safer banking experiences.
