Have you received a seemingly random deposit into your bank account? Well there’s yet another scam around this to watch out for. PayID is a simple way to receive payments in Australia. Instead of sharing your BSB and account number, you can use something easier to remember, like your phone number, email address, or ABN, as your PayID. This makes it faster and easier for people to pay you. The scenario typically starts with you receiving an amount of money typically $10 or greater, typically $50 or $100 and some form of notification detailing the sender. At this point the scammer already has your account login information including your password!... but they can’t get any money as they cannot receive the 2FA that will be on your phone. Incidentally, if you see a 2FA message that you didn’t initiate it could be someone in your account! How the Scam Exploits PayID:
Why PayID Makes This Scam Easier for Scammers:
Protecting Yourself with PayID:
By understanding how PayID can be exploited in this type of scam, you can take steps to protect yourself and avoid becoming a victim. Ep283 Image sourced by MITE Radio as a screenshot - feel free to share!
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