Westpac CEO Peter King has announced that Peter Herbert will gain the position of acting chief executive, business & wealth.

Herbert is currently chief operating officer, business & wealth, and will replace Anthony Miller, who begins as Westpac chief executive on 16 December.

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In addition, Herbert is a seasoned banking executive who joined Westpac in 2020 after an extensive career at HSBC including as COO, Asia Pacific, Retail Banking & Wealth Management.

“Peter is an accomplished, engaging and accessible leader who has built a culture of innovation since joining Westpac,” King said.

“He will provide stable and experienced leadership to the Business & Wealth division when Anthony steps into my role at the end of the year.

“This change will also allow Anthony to spend time with me in a handover period before he begins as CEO.”

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Herbert will act in the position while a global search continues for permanent chief executive, business and wealth.

At the end of 2023, Westpac began testing new customer protections for certain cryptocurrency payments to reduce scam losses.

According to Westpac, investment scams account for account half of all scam losses and a third of all scam payments go directly to a cryptocurrency exchange.

A phased trial of the new protection blocks will be rolled out over the coming weeks.

Furthermore, these new measures follow other scam initiatives, including Westpac Verify. The service alerts customers if there is a potential account name mismatch for some payments to a new BSB and account number or when money is sent to an account Westpac has never transacted with before.