And becomes the first NZ bank to partners with Biocatch
Westpac NZ has announced that it is incorporating biometric software into its fraud monitoring systems to enhance customer protection against scams.
Westpac NZ has joined forces with Biocatch, becoming the first New Zealand bank to leverage the global cybersecurity firm’s biometric software, which monitors customers’ online behaviour to detect unusual activities and potential security breaches.
Biocatch collects data on a user’s typical physical and cognitive behaviour by analysing various data points related to their actions, including typing speed and how hard they press on their touchscreen.
Westpac NZ CEO Catherine McGrath (pictured above) said fraud and scams pose a significant risk to the bank and its customers; and the data Biocatch collects will help the bank’s fraud monitoring systems to detect and prevent scammers from accessing and depleting customers’ accounts.
“For example, if a customer is tricked into divulging their login details or giving remote access to a scammer, the new technology will help us identify that and block attempts to take over their account,” McGrath said in a media release.
“We turned on Biocatch in early September and it’s currently collecting behavioural data to help it learn how each individual customer behaves online.”
The technology is expected to be fully operational by the end of the month.
“The technology essentially provides a frictionless extra layer of security for customers,” McGrath said. “The data is fully anonymised, so Biocatch doesn’t know the identity or details of the people it’s helping protect.”
The Westpac NZ chief said the bank has successfully prevented tens of millions of dollars in customer losses over the past year, but that fraud and scams have continued to become increasingly sophisticated and challenging to identify.
“There’s no silver bullet to stopping scammers but we’re putting a huge amount of focus into keeping customers safe, both through adopting new technologies and increasing the capabilities of our financial crime teams,” McGrath said.
She added that Westpac NZ is actively collaborating with other banks through the New Zealand Banking Association to combat fraud and scams effectively, on initiatives such as the implementation of a “confirmation of payee” account name checking service and setting up a national Anti-Scam Centre.
“However, customers are the first line of defence against scammers, and we’ve stepped up our efforts to provide useful information and education through regular customer communications and social media campaigns,” McGrath said.
“We encourage people to remain vigilant, question anything that doesn’t seem right, and contact their bank immediately if they believe they’ve been caught up in a scam.”
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