Westpac’s Post

The entire eco system needs to work on this together. If the scam starts on social media, what are the social media companies doing to manage what gets posted? What are telcos doing to stop spoofing of legitimate business phone numbers? Lots to do here and everyone has a role to play.

Good news - Westpac's internal data shows a 32% drop in customer scam losses over the first half of FY24 vs last year - saving over $120 million in potential losses! We're committed to helping you keep your money safe, with new features like Westpac Verify. It alerts you if there's a risk of a mismatch when adding a new payee. #scams #scamprevention Click the link below to read all about the new feature💪

How Your Credit Score Can Detect Fraud A sudden drop in your credit score can be a red flag for potential fraud. If someone is applying for credit in your name, your score will go down. Stay vigilant and protect your financial health: 🔍 Check Your Credit Score Daily: Use credit score apps to monitor changes. 📉 Spot Unusual Activity: If you see a drop but haven't applied for credit, it could mean fraud. 📞 Investigate Alerts: Credit score apps often notify you who ran your credit. If you didn’t request it, call the business immediately. 🔒 Take Action: If fraud is confirmed, contact the three credit bureaus (TransUnion, Experian, Equifax) and consider placing a "credit freeze" on your report to stop further unauthorized activity. Stay proactive and keep your financial information secure! Member FDIC | Equal Housing Lender #CreditScore #FraudDetection #FinancialSecurity #1stAdvantageBank #ProtectYourCredit #StayVigilant #FightFraud #1stAdvBank

Enhancing Client Fraud Protection and Loyalty: A Call to Action for Banks Let me share a bit modified recent post by famous investment banker Eugene Kogan on how the banks shall protect their clients from fraud and scams. Hello, Friends and Colleagues! In today's fast-evolving financial landscape, one issue looms large: how do we minimize the nefarious activities of fraudsters draining citizens' bank accounts? It's a concern that affects us all, and it's high time for a proactive response. The Root of the Problem: A significant number of these financial crimes are rooted in social engineering. Fraudsters expertly manipulate victims, leading to catastrophic losses - from handing over cash to transferring funds to 'secure' accounts, and even divulging sensitive personal information. This trend stems from a deep-seated distrust in the financial system, modern communication tools, and even life itself. Nostalgia for Traditional Banking: Let's cast our minds back to the banking era of 15-20 years ago, especially in the West. Personal banking managers were the norm; individuals you could call for advice, creating a system of trust and reliability. Though times have changed, necessitating a shift towards efficiency, the essence of that personal connection has diminished. Proposing a Solution – Trust Services/AntiScam Hotline: Imagine if every financial institution established a dedicated 'Trust Service' or Scam Hotline. Some might argue it already exists, but why then do victims of fraud not reach out to these services? Banks should actively promote these services. If they exist, highlight them; if not, create and advertise them. Empower clients to reach out proactively when they sense something amiss. Leveraging Public Figures and Bloggers: In this digital age, influencers and bloggers wield significant power. Banks should collaborate with these public figures to amplify their message. This approach may be costly, but the benefits of such a PR strategy – enhancing customer loyalty and trust – are invaluable. Conclusion: This is more than just a suggestion; it's a call to action for banks to rethink their approach to customer protection and loyalty. By fostering trust and ensuring clients feel secure, we fortify the very foundations of our financial institutions. Let's not just think about it – let's act on it. The future of banking depends on how well we protect and serve our clients today. Let's make a change, together. #antifraud #antiscam #banking #retailbanking #clientprotection #fraud #scam

Happy #GrandparentsDay! There’s so much to learn from our grandparents, But there are a few things we can learn from each other— how to spot scams is one of them. Fraudsters prey on people who don’t know the signs of a scam so if that sounds like someone you care about, why not spark up a conversation? You might save them a good chunk of change. To learn more about how to protect seniors from fraud and more senior banking support, visit cibc.com/SeniorSupport

🤝 Proven Success: Financial Inclusivity and Fraud Prevention CAN Coexist ⬇️ 🚀 CSE Federal Credit Union and AFS are successfully guarding against ACH fraud without sacrificing member access to services. 📕 Our latest case study dives into how CSE managed to effectively blend fraud prevention with their mission of supporting low-income members. ▪️ Highlights: 🛡 Proactive Fraud Detection: TrueACH automates real-time alerts, drastically reducing manual checks and operational burdens. 🛡 Impactful Results: With hundreds of high-risk transactions identified, CSE prevented potential losses in the hundreds-of-thousands. 🛡 Strengthened Trust: CSE continues to solidify its reputation as a reliable financial institution for all of its community members. 👉 Dive into the full case study to see how CSE Federal Credit Union is leading the charge in secure, inclusive banking solutions. https://lnkd.in/gudYU5pD #FraudPrevention #FinancialFraud #DepositFraud #FinTech #ACHFraud #ACHNetwork #CaseStudy #FinancialInclusion #CreditUnion #CreditUnions #BankingTechnology #SecureBanking

To combat against financial crimes, big banks in Australia are strengthening their security system. Following Commonwealth Bank's increased security features, Westpac has introduced Westpac Verify which will send more alerts to customers about suspicious transactions. Customers will also be alerted when there is a potential account name mismatch for payments to new BSBs and account numbers via the New Payments Platform (NPP). Westpac makes this move to boost its levels of online security in a bid to protect customers from potential scams as losses suffered by account holders reach a new peak. Read more via the link below. #MerchantWarrior #payments #paymentsecurity

Message for Grandparents' Day: "Happy Grandparents' Day! Your wisdom, love, and kindness have shaped our lives in countless ways. We're so lucky to have you as the foundation of our family, and we cherish every moment we share together. Thank you for your guidance and for always being there with open arms. Wishing you a day filled with love and joy!" Red Flags on Grandparents Scams: 1. Unexpected Calls or Emails: Scammers often pretend to be a grandchild in trouble, calling or emailing out of the blue. 2. Urgency and Secrecy: The scammer will claim there's an emergency (like an accident or arrest) and ask you to keep it a secret. 3. Requests for Immediate Payment: Scammers may ask for money via gift cards, wire transfers, or cash, claiming it's the only way to help. 4. Poor Communication Quality: They may use a bad phone connection or claim to have a cold to explain why they don't sound like your grandchild. 5. Unusual Payment Methods: If someone is asking for money through untraceable methods like gift cards or wire transfers, it's a major red flag. 6. Pressure to Act Fast: Scammers push you to send money immediately, creating a sense of panic. Always double-check with family members before taking any action! #CIBC #letsprotectourseniors #noussommescibc

Stop Consumer Financial Scams I read some good US Linked in posts today about fraud fighters getting together and sharing their fraud ideas and stories. Really good. And I saw where Nice Actimize worked with Datos to get a new scam report out. Again really good. But I will tell you what is really good—that as a fraud fighter you convince your senior management to fund and build out scam controls and money mules management at your FI, along with the associated reporting/tracking. When you do that, you can be proud you made a difference. Yes, I know some FIs are already doing this—some big money center banks, some regional banks. And maybe some smaller FIs as well. Yet this not good enough. We know what the problem is, the pain it causes our FI customers (maybe even death), and we know it starts at dating sites, internet platforms, text messages , etc. But as FIs we need to control what we own—online banking and the payment rails. Consumer financial scam losses is a giant problem for bank customers and it is starting to damage the reputation of banks and the banking system. Either the banks actively address this issue or soon the regulators will do it for you. We always say we don’t need regulations because we know is what to do. Well, prove it now.

Good news - Westpac's internal data shows a 32% drop in customer scam losses over the first half of FY24 vs last year - saving over $120 million in potential losses! 🎉 We're committed to helping you keep your money safe, with new features like Westpac Verify. It alerts you if there's a risk of a mismatch when adding a new payee. Click the link below to read all about the new feature💪