In a discreet office building in Western Sydney, Westpac is actively battling bank scams through a dedicated fraud prevention team. Comprising 550 trained employees, this team is focused on protecting 12 million customers from being exploited by scammers.
The bank employs a sophisticated supercomputer that processes thousands of transactions per second, identifying potential threats and alerting staff about suspicious activities that deviate from normal spending behaviours. This proactive approach is crucial in the fight against cybercrime, especially as the financial landscape continues to evolve.
For the first time, A Current Affair has been granted a behind-the-scenes look at Westpac’s operations room, shedding light on the measures big banks are taking to counter cyber threats. The insights reveal the extensive efforts being made to safeguard customer transactions and maintain security in an increasingly digital banking environment.
Westpac’s commitment to fraud prevention underscores the importance of vigilance in banking, and their advanced technology plays a pivotal role in recognising and mitigating risks associated with financial scams.