This post was originally published on Finextra (Security)
In a move to help reduce scam losses and make Australia a harder place for scammers to operate, Westpac is extending its payee verification solution to institutional and government clients.
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Westpac’s Verify will soon be available on its leading payables platform, PaymentsPlus.
Westpac Verify for PaymentsPlus will enable businesses to run a check on payee details before initiating payments, alerting them to potential account number and name mismatches.
This will help businesses and government agencies better identify fake invoice or payment redirection scams. It will also help put a stop to mistaken payments. Westpac launched Verify for retail and small business customers in April this year which has already saved over $50m in scams and mistaken payments.
Westpac Chief Executive, Institutional Bank, Nell Hutton says the new feature will enhance the accuracy of payments for large businesses and government clients, with the potential to save them millions, as well as create operational efficiency when setting up or changing payee details in their accounts payable systems.
“International scammers target Australian businesses and government agencies that make large payments and often pay multiple invoices in batches.
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