Westpac says customers will have card transactions automatically blocked if a scam is detected. -AAP Image
Thousands of Australians are expected to save $120 million a year as part of a new banking system designed to stop online purchases from dodgy overseas sellers.
From Monday, Westpac says its customers will have their credit and debit card transactions to overseas retailers automatically blocked if a scam is detected.
They will be notified of the intervention via text but can contact the bank if they believe the purchase is legitimate and wish the transaction go ahead.
When the real-time system was trialled last year, customers who received the scam alert did not proceed with the purchase in more than 99 per cent of cases.
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