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A simple change to online banking could save Australians millions of dollars in scam losses in a nation-first crackdown by one of the big four banks. Westpac on Tuesday unveiled its latest security feature to combat scam tactics, with the bank integrating a new AI-powered feature into its fraud detection systems. The feature, Westpac SaferPay, works to help identify red flags without disrupting genuine payments by asking customers questions when making payments.
Prompts may include whether the payment is for an investment and where the customer came across the investment opportunity, such as an unexpected call or social media advertisements. Westpac said the bank has saved customers from losing more than $400 million to scammers over the past two years, and CEO Peter King said the new feature is expected to save millions more.
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