New PayID scam targets Australians

PayID Scam

Attention, Australians engaged in online item sales: Be cautious of a new PayID scam specifically targeting those selling used or unwanted items. The scam involves impersonation and fraudulent communication related to PayID, a convenient and rapid payment method using phone, email, or ABN.

New PayID scam

NAB has witnessed an increase in this deceptive activity, aligning with a 38 percent rise in total fraud reports for the bank over the past year. Chris Sheehan, from NAB Executive Group Investigations and Fraud, emphasizes the importance of being vigilant against such scams. PayID will never ask for money to upgrade or access its services, and users should never respond to direct emails, texts, or messages claiming to be from PayID.

It is crucial to recognize the scam’s tactics: scammers will attempt to buy your item using PayID, then claim the transaction cannot be completed due to your lack of a “business” account. They might promise an account upgrade and provide a fake email as evidence to pressure you into reimbursing them, but no money will ever appear in your account.

Remember, PayID will not require you to send money to receive payments, and no additional account upgrades are necessary. The payment method is managed by your bank, and communication will never come directly from PayID.

Last year, Australians lost $260,000 to PayID impersonation scams, according to Scamwatch. If you suspect you’ve fallen victim to a scam, contact your bank immediately for assistance. While efforts will be made to prevent scams and recover funds, retrieving lost money can be challenging once it leaves your account. Stay vigilant and protect yourself from cybercriminals trying to exploit the less familiar PayID payment method.