It’s strange timing for Westpac to be cutting first-line risk employees within its consumer banking division.
At the very least, Westpac’s top brass, led by chief executive Anthony Miller, should put those plans on hold until the bank wraps up investigations into what’s shaping up as the largest volume of fraud ever perpetrated across the mortgage market.
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Cyber fraud uses technology as the primary weapon. It is highly scalable and can be conducted from anywhere in the world.
Phishing/Smishing/Vishing: Using deceptive emails (phishing), text messages (smishing), or phone calls (vishing) to trick victims into clicking malicious links or revealing sensitive data.
Business Email Compromise (BEC): A high-value scam where a criminal impersonates a CEO or high-level executive via a “spoofed” email address to trick a staff member into making an urgent, unauthorized wire transfer.
