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Fluid Edge Themes

February 2024

Do you use PayID? Hardly surprising, given that more than 15 million Australians have taken up the electronic payment system since its launch six years ago.

The attraction is simple: it’s easy to use, free, and money is transferred quickly. The unique identifier (the ID part) is linked to your bank account; you only need a mobile number or ABN to send and receive money.

According to the Australian Banking Association, it’s also one of the most important steps customers can take to prevent scams.

But the mobile-friendly service hasn’t been immune to scammers, either. Even the tech-savvy younger generation - least likely to be caught in other financial scams - has been caught out.