SPEED up your banking and transfer money using an email, phone number or ABN. Here’s how to get started.
BANK customers will need to set up a PayID as a matter of urgency, to stay up to date with new technology set to arrive in Australia.
In the coming weeks financial institutions around the country will start pushing out the highly-anticipated New Payments Platform (NPP), which will deliver 24-hour, seven-day-a-week, instant transfers.
It means consumers will no longer need to share their personal banking information such as BSB and account numbers and will therefore find it much easier to move cash.
The New Payments Platform will mean instant payments for banking customers.Source:Supplied
Money will now be shifted in a matter of seconds using a PayID that links to a customer’s email address, phone number or ABN for small businesses.
The NPP’s chief executive officer Adrian Lovney said users of a PayID should be reassured that once it’s set up people can only place money into your account and not take it out.
“The only way another person can use your PayID is to put money into your account,’’ he said.
NPP’s chief executive officer Adrian Lovney said PayIDs will be a secure way to move money. Source:Supplied
“PayIDs can only be created or paid to within your financial institution’s internet or mobile banking.
“This means your PayID will be protected by the same security that applies to your internet or mobile banking.”
FAST TRANSFERS: Moving money in an instant will soon be reality
To create a Pay ID with your bank — if it is set to join the NPP, which at this stage includes the nation’s big four banks and many others — you will need to firstly do this:
— Choose what type of PayID you would like to use (most will offer phone numbers, email address or ABNs) and which account you want to link it to.
— You can have multiple PayIDs but only one PayID can be linked to one account at a time.
— You must verify with your bank that you are the owner of the information and the account with is connected.
— Your PayID will now act as a BSB and account number.
GIFT CARDS: The biggest fees shoppers will get slugged with for using a gift card
CUA’s chief executive officer Rob Goudswaard said they will start notifying their members this week of the upcoming changes to help them make a simple transition to faster payments.
CUA chief executive Rob Goudswaard said a PayID will make it easier for customers to move their own money.Source:News Corp Australia
“Set it up and be clear as what you want as your PayID and to have one it means other early adopters of NPP will able to use it to transfer money,’’ he said.
“Your need for direct debits will become a thing of the past because you can make cash transfers quickly.”
Originally published as What you need to do when instant banking arrives
Another successful middle-man-scam in WA- this time on payment of Contract Deposit to Real Estate office…
Would suggest clients ‘Call to verify (only on the known public listed office number -not the one presented in the email-could be altered) before they transfer funds’…
"Another Settlement Agent Posted 1 hr
Another successful hacking! :-(
My client received an email from the Real Estate Agent to transfer the deposit pursuant to the Contract of Sale. Shortly thereafter he received a follow-up email changing the account name and number and unfortunately acted on the second email.
He transferred the 20k deposit as requested and sent a screenshot immediately thereafter to the REA, who unfortunately didn't notice the inconsistencies with the account number or title.
Several days later the REA followed up the deposit with the Buyer and at that point it became apparent that the Buyer had sadly been duped.
The REA (large organisation) contacted their IT Dept. and they feel certain that the breach didn't occur at their end, but feel that it is likely that it occurred via the clients Hotmail account. I'm certainly no expert so I wouldn't have a clue.
The matter was referred to the WAPOL for investigation and the receiving bank have notified, but sadly the funds had already been transferred out of the account. The bank in question have advised that it was a legitimate account. Whether the client has any recourse is currently being investigated, but that will probably take some time to remedy, if at all possible.
We have contacted the REA and their preferred settlement agent and suggested that they consider modifying their practices as most, if not all, settlement agents have already done. They are taking that under advisement.
If you or your organisation have REA's that you are affiliated with, or receive regular work from, you may wish to suggest to them that they also cease to provide trust account details via email to avoid a repeat of this unfortunate incident. :-("
Also worth looking at the options of obtaining BPAY for clients to make payments. At least till the National Payment Platform is ready!
If you suspect your internet browsing systems could get compromised, Bankvault Safe window product is worth ~$199 per year.
Keep me updated, join us here...