Westpac takes on crypto scams: Launches trial of new protection measures to safeguard.
Westpac, one of Australia’s ’Big Four’ banks, is launching its first trial of scam protection measures designed to combat fraudulent activities related to cryptocurrencies.to the announcement, investment scams account for approximately 50% of all customer losses linked to scams, while around one-third of all scams involve direct transfers to cryptocurrency exchanges, making them extremely difficult to trace.use PayID to transfer Australian dollars into their Binance accounts.
According to Scott Collary, Westpac's group executive of customer services and technology, while digital exchanges have a legitimate role in the financial ecosystem, the rise of digital currency has led to an increase in scammers utilizing overseas exchanges. Throughout late May, Westpac plans to gradually introduce a phased trial of the new crypto payment protection blocks. This trial is introduced in addition to other recent initiatives like Westpac Verify. This feature notifies customers of potential account name mismatches when making payments to a new bank-state-branch and account number or sending money to an account that Westpac has no prior transaction history with.
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