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Westpac’s new move to fight financial abuse

Westpac has set up new alerts on its power of attorney accounts designed to flag suspicious transactions.

Published: 15 March 2024
  • national
  • 15 March 2024

The bank is tightening its transaction monitoring to alert staff of the early warning signs of misuse of power of attorney arrangements.

The bank’s head of customer excellence Tiffiny Lewin said around 15,000 Westpac customers have power of attorney accounts in place and while the vast majority act legitimately, it’s not always the case.