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Westpac has opened a new financial crime hub in Parramatta, as the bank continues to ramp-up its efforts to combat scams and fraud.
The state-of-the-art fraud prevention centre will see 540 financial crime specialists joining 2,800 total Westpac employees relocating to Western Sydney. The hub will be at the bank’s Parramatta Square precinct and will occupy one of Westpac’s eight floors.
The move will cement the bank’s presence in an important region, according to Westpac Group CEO Peter King who opened the new Parramatta office on Tuesday, noting that “western Sydney is Westpac’s heartland”.
“Our new Parramatta headquarters will include business lending and customer support teams, along with our financial crime team.
“We’ve brought more than 500 financial crime and fraud prevention experts together as part of this move as we continue to invest in the right tools, technology and resources to protect our customers,” King said.
Westpac’s teams aim to protect customers from scams and fraud, while mitigating other financial crime risks by monitoring for suspicious activity, providing important customer support and education, and working closely with industry peers, regulators and law enforcement to identify and report criminal activity.
The new centre is also aimed at playing a key role in educating customers to help them protect themselves and their money.
Assistant Treasurer and Minister for Financial Services Stephen Jones was present at the official opening of the new Westpac hub and explained that this is exactly “what the Albanese government wants to see from our banks”.
“I welcome not only the commitment from Westpac to prioritise protecting its own customers, but also its proactive approach to working with others.
“It will also be working closely with law enforcement, regulators and industry peers to identify and report scammers and fraudsters.
“Working together, sharing information and experiences in real time, is the best way to protect customers and keep the scammers at bay,” Minister Jones said.
As Westpac continues to ramp-up its efforts to combat scams and fraud, the bank is building on its long history in western Sydney, as the bank has been a supporter of customers in the region for more than 160 years, after the first Bank of NSW branch opened in Windsor in 1858.
“The region is also a big part of the national economy,” King added.
“It’s where many of our customers live and it’s home to nearly half of our Greater Sydney workforce.”
Minister Jones has also asserted that protecting Australians from scammers is a key priority for the Albanese government.
“We’ve said we’ll work with banks and other industries to find better ways to keep Australians’ data safe and respond to emerging threats.
“That’s why the government welcomes Westpac’s new state‑of‑the‑art fraud prevention centre, located in western Sydney.
“Combating scams is something the government takes extremely seriously, but we know we can’t do it alone,” Minister Jones said.
[Related: Half a million customers at risk after Aussie wine retailer hit by cyber attack]
Nastasha is a Journalist at Momentum Media, she reports extensively across veterans affairs, cyber security and geopolitics in the Indo-Pacific. She is a co-author of a book titled The Stories Women Journalists Tell, published by Penguin Random House. Previously, she was a Content Producer at Verizon Media, a Digital Producer for Yahoo! and Channel 7, a Digital Journalist at Sky News Australia, as well as a Website Manager and Digital Producer at SBS Australia. Nastasha started her career in media as a Video Producer and Digital News Presenter at News Corp Australia.
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