What is a PayID business account scam?
If you are one of the millions of Australians using PayID, you have probably chosen it because of a mixture of convenience and security. But you can be vulnerable to a PayID business account scam – whether you have a business account or not.
Beware the PayID scam marketplace
As the cost of living bites in homes across the country, many Australians are turning to Facebook Marketplace to raise a bit of extra cash. But be warned: it has also become the PayID scam marketplace.
Privacy risks: Tackling facial recognition technology head on
Have you seen any signs about the use of facial recognition technology when you’ve been out shopping? CCTV is one thing, but this controversial technology raises more concerns about breaches of our privacy.
Smart money: How to avoid PayID scams
Have you heard about PayID scams? Perhaps you or a friend have fallen foul of the electronic payment system?
More than 18 million Australians have signed up to use PayID since its launch six years ago. The attraction is simple: it’s easy to use, free, and money is transferred quickly – whether you’re paying or being paid. The unique identifier (the ID part) is linked to your bank account and you only need a mobile number or email (and an ABN or CBN if you’re a business) to send and receive money.
The Australian Banking Association maintains it’s one of the most important steps customers can take to prevent scams, but the mobile-friendly service hasn’t been immune to scammers. Even the tech-savvy younger generation - least likely to be caught in other financial scams - has been caught out.
Online platforms such as Facebook Marketplace and Gumtree are popular hunting grounds for PayID scams.
Identity crisis: Will a new national ID be better for you?
We have all endured the tedious task of paperwork to prove our identity, whether it is opening a new bank account, applying for a passport, or simply registering a child's birth.
Even the rise of online forms doesn’t seem to have reduced the number of times we have to fill out details to show we are who say we are.
Card surcharges: Are you paying too much?
Ever wondered why your cup of coffee costs an extra 15 cents at one café and not another? Or why the service station advises that you will have to pay another 1.5 percent to use Visa or Mastercard?
It’s called a card surcharge - the amount a business charges to cover the cost of an electronic transaction, typically between 0.5 and 1.5 percent. While two-thirds of merchants absorbed this fee about five years ago, the use of debit and credit cards increased, and so has the number of businesses passing on the cost.