Latest news with #WestpacGroup
Finextra
03-07-2025
- Business
- Finextra
Westpac introduces Confirmation of Payee
Westpac has today announced the introduction of Confirmation of Payee, a new security feature designed to help customers spot a scam and reduce mistaken payments. 0 The new technology builds on Westpac's existing Verify capability, which already alerts customers when an account name doesn't match the BSB and account number used in previous payments by other Westpac Group customers. Confirmation of Payee adds another layer of security by checking the account name against the records held at the recipient's bank, giving customers greater confidence before they make a payment to someone new. Westpac Head of Fraud Prevention, Ben Young said the new technology is part of the bank's ongoing investment in scam protection. 'Scammers are becoming more sophisticated, finding new ways to trick unsuspecting Australians into handing over their hard-earned money. This is why it's so important for us to continue to invest in ways to help keep our customers safe,' Mr Young said. 'The introduction of Confirmation of Payee builds on our existing Verify technology and will help customers confirm they're paying the right person, potentially stopping a scam in its tracks.' Since launching in June 2024, Westpac's existing Verify technology has prevented more than 400 mistaken payments each day and stopped customers from losing over $6 million to scammers. 'We're continuing to take the fight to scammers to help keep people safe, but we can't do it alone. We need other organisations, like telcos, digital platforms and social media companies, to adopt similar protections so we can collectively raise the bar on customer security,' Mr Young said. Verify with Confirmation of Payee is the latest in Westpac's suite of scam prevention initiatives, including SafeCall and SaferPay. Together these initiatives have helped to prevent customers from losing over $500 million to scammers over the past two years.
Perth Now
27-04-2025
- Business
- Perth Now
Healthy inflation data should help ease mortgage pain
Mortgage-holders are set for further relief, with economists declaring you can "lock in" an upcoming interest rate cut. Quarterly numbers released on Wednesday are expected to show core inflation has dropped within the Reserve Bank of Australia's target range, paving the way for a rate cut at its May 20 meeting. Economists from Australia's big four banks have all forecasted the Reserve Bank's preferred measure of annual trimmed mean inflation will come in at either 2.8 or 2.9 per cent - within its target range of two to three per cent. The annual rate leapt out of the target range in early 2022, triggering 12 rate rises in 13 months. The central bank cut its cash rate to 4.10 per cent in February and Westpac Group chief economist Luci Ellis said another cut in May was guaranteed. "You can lock in a (0.25 per cent) cut in May, even if the Q1 inflation data is a shade disappointing," she said. "For the time being, we continue to expect a total of three further cuts (0.75 per cent in total), including the cut in May, with August and November pencilled in for the other two cuts." Each 25 basis point cut would shave about $90 off monthly repayments on a typical $600,000 mortgage. While some wondered if the global economic uncertainty caused by US President Donald Trump's trade tariffs might trigger a larger than usual cut - as high as 0.5 per cent - Dr Ellis said that was not plausible. She labelled commentary suggesting the double-cut "breathless" and said Australia was less affected by the tariffs than other economies. "If the board were to do something other than cut by 0.25 per cent in May, it might consider a 0.35 per cent move to 3.75 per cent," she said. "To be clear, we regard this as a very outside chance." NAB, however, disagreed and has prepared for a 0.5 per cent rate cut, also predicting annual trimmed mean inflation would be recorded at 2.8 per cent. "We think quarterly CPI will largely take a back seat to rising global uncertainty," its weekly markets report read. "Our base case is that the RBA will deliver a 50bp cut in May to take policy more quickly towards neutral." Retail sales figures are due out on Friday, while US policy developments will continue to be of interest as Trump celebrates his first 100 days in office at a rally in Michigan on Tuesday. Investors on Wall Street have meanwhile parsed a spate of earnings looking for signs of easing tensions in the US-China trade dispute. The S&P 500 and Nasdaq Composite indices were bolstered by gains in the "magnificent seven" group of artificial intelligence-related megacaps on Friday, while the blue-chip Dow Jones Industrial Average was more muted. The latter rose 20.10 points, or 0.05 per cent, to 40,113.50, the S&P gained 40.44 points, or 0.74 per cent, to 5,525.21 and the Nasdaq gained 216.90 points, or 1.26 per cent, to 17,382.94. In a shortened trade week, Australian share futures lifted only 2.0 points, or 0.02 per cent, to 7,786. The S&P/ASX200 rose 47.7 points, or 0.60 per cent on Thursday, before the Anzac Day public holiday, to 7,968.2, as the broader All Ordinaries gained 49.9 points, or 0.61 per cent, to 8,175.1.
