Westpac unveils ‘state-of-the-art’ financial crime hub

Westpac Parramatta Fraud Centre

Westpac has announced the launch of its new “state-of-the-art” fraud prevention centre as part of its shift of more than 2,800 employees to its new Western Sydney hub.

Financial crime specialists will represent around one in five (540 in total) members of Westpac’s new Western Sydnet HQ, with the crime team to occupy one of the eight floors in the Parramatta Square precinct.

“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,” said Westpac chief executive Peter King, who opened the new hub on Tuesday.

King said the hub will function as the centre for “fight[ing] back at financial criminals”.

He added: “Each day, Westpac’s teams work hard to protect customers from scams and fraud, as well as 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.”

Alongside the financial crime team, the new Parramatta centre will also include Westpac’s business lending and customer support teams.

“Western Sydney is Westpac’s heartland. It’s where many of our customers live and it’s home to nearly half of our Greater Sydney workforce,” King said. “The region is also a big part of the national economy.

“That’s why we’re relocating thousands of staff to Parramatta Square.”

Fellow big four bank NAB also shares the precinct with Westpac, moving 3,000 of its staff to the centre.