New PayID Scam Targets Australians

PayID Scam

Attention Australians selling their used or unwanted items online, there is a new PayID scam targeting you. This fraud involves impersonation and fraudulent communication regarding PayID which is an easy and fast payment method using phone, email or ABN.

New PayID scam

This deceitful activity has recorded an increase in NAB that concurs with 38% upswing in total bank’s fraud reports in the past year. Chris Sheehan from NAB Executive Group Investigations and Fraud stresses on how it is important to be cautious of such scams. Never should anyone pay money for upgrading or accessing PayID services, neither should users fall for direct messages, emails, or texts purporting to be from PayID.

There are certain gimmicks by which a scam can be recognized: scammers will offer to purchase your item via PayID and then refuse when you do not have a “business” account. However, they may suggest an account upgrade giving proof of fake email to put pressure on you for reimbursement, but no money will ever come into your account.

Remember? You don’t need to send money to receive payments through PayID and there are no extra account upgrades required. Your bank handles this payment system. Hence, you will never get any direct communication from the company.

Scamwatch reported that last year, Australians lost $260k to PayID impersonating scams. In case you think that you have been defrauded, immediately call your bank for help. Although efforts would be made towards deterring such scams as well as recovering funds taken away from customers’ accounts, it becomes quite difficult getting back lost amounts of ones they leave your accounts. Be watchful and guard yourself against cyber criminals who want to exploit the relatively unknown aspect of the new payment platform called PayID.