Westpac NZ is fortifying its defense against financial crime by integrating advanced biometrics software from BioCatch, an Israeli cybersecurity firm. The technology, which was launched in September, collects anonymized user behavior data to understand individual online habits. Catherine McGrath, Westpac's CEO, expects the system to be fully operational by the end of November.
This new layer of security will enhance Westpac's ability to detect and neutralize attacks on customers' accounts by fraudsters. McGrath disclosed that through its improved fraud protection measures, Westpac has already safeguarded tens of millions of dollars from falling into fraudulent hands over the past year.
Earlier this year, Westpac NZ became the first New Zealand bank to implement this technology into its fraud monitoring systems. The aim is to protect customers from scams that involve tricking them into revealing login details or granting remote access to scammers. The bank uses behavioral analytics based on data collection points from BioCatch to block unauthorized account access.
Apart from adopting new technologies like BioCatch's software, Westpac is also enhancing its financial crime teams' capabilities and working on initiatives such as a 'confirmation of payee' service and a national Anti-Scam Centre through the New Zealand Banking Association. Westpac's comprehensive strategy includes regular customer communications, social media campaigns, and website updates about emerging threats, along with encouraging customer vigilance.
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