They've blocked 11,000 scams since January, but it's not totally altruistic.
๐ Background: Westpac is one of Australia's biggest banks. With nearly 13 million customers, it's bound to get some scammers trying to get in.
๐ What happened: Westpac trialled a scam blocking system last year and managed to block over 11,000 scams. And get this: another $6 million in scam transactions have been blocked since Jan! Now, they're ramping things up ๐.
๐ What else: The system automatically blocks transactions based on a watchlist, but customers can call Westpac if a legit transaction gets caught up in the net. But it ain't all about the customers.
๐กAddressing customer pain points can often be a nice double-whammy for businesses. 'Cos what's good for customers is normally good for biz.
๐กAustralians lose about $2 billion annually to scams, and while some banks reimburse customers for their losses...it ain't always the case.
๐ก Plot twist: ASIC is looking at new laws that could make reimbursing scam victims the law, so it kinda makes sense that banks like Westpac are looking to get one step ahead.
Sign up for Flux and join 100,000 members of the Flux family
