Westpac, one of Australia’s leading banks, has partnered with telecommunications giant Optus to introduce an innovative anti-scam feature called SafeCall.
This ground-breaking technology aims to provide a safer banking experience for mobile customers, addressing the rising threat of phone scams targeting Australians.
What is Westpac SafeCall?
SafeCall directly integrates into Westpac’s mobile banking app and verifies the identity of callers claiming to be from the bank.
When you receive a call supposedly from Westpac, the SafeCall feature confirms if it is indeed from a legitimate Westpac representative.
This initiative proactively combats the increasing sophistication of phone scams, ensuring you can confidently interact with your bank.
How Does It Work?
The SafeCall technology cross-references the incoming call with Westpac’s database in real time.
If the call is verified, you will see a green tick mark on your mobile banking app or screen, reassuring you that the call is genuine.
Additionally, it displays a small message “Caller Verified by Optus” to confirm the legitimacy of the call.
However, if the call cannot be verified, you will receive an alert, allowing you to avoid potential scams.
Why This is Great for You
This collaboration between Westpac and Optus couldn’t come at a better time.
According to the Australian Competition and Consumer Commission (ACCC), Australians lost an astounding $3.1 billion to scams in 2022.
Although there has been a slight decline in scam losses, with Australians losing $2.7 billion in 2023, the need for robust anti-scam measures remains critical.
SafeCall is set to significantly reduce the risk of falling victim to phone scams.
For example, in phone scams alone in 2024, Australians have reported losses of around $47 million dollars, from over 22,000 calls.
By providing real-time verification of calls, you can be confident that when Westpac contacts you, it is indeed the bank and not a scammer.
It should dramatically see a reduction in "investment" scams, and hopefully other banks will follow soon.
This added layer of security is especially important as scammers become more sophisticated, using advanced tactics to trick even the most cautious individuals.
The Future of Secure Banking
With the introduction of SafeCall, Westpac and Optus are setting a new standard for banking security in Australia.
This partnership represents a significant step forward in the fight against fraud, providing you with the tools needed to protect yourself from financial scams.
As scammers continue to evolve their techniques, innovations like SafeCall are crucial in safeguarding your finances and personal information.
A huge well done to Optus and Westpac is needed here, as scams have become well and truly an enemy of the people.
