MyState Bank is supporting the Australian Banking Association’s (ABA) new campaign to combat scammers, by encouraging customers to use PayID when paying online or via mobile banking.
Available since February 2018, more than 100 banks, credit unions, building societies and other organisations offer PayID. You can register a PayID in your internet or mobile banking app.
PayID is free to register, easy to use and to date there are more than 11 million PayIDs registered in Australia.
Mandakini Khanna, MyState Bank’s Chief Risk Officer, said PayID makes payments faster, simpler and safer.
“PayID is as simple as using the mobile number or email address of the person or business you wish to pay, unlike a traditional payment where you need both a BSB and an account number,” said Ms Khanna.
She added, it helps to stop scams because unlike a traditional payment, the payer can see a confirmation screen, which includes the intended PayID name, before they confirm the payment.
“The more payments we see using PayID, the more our customers will be protected.”
“Scammers are getting more sophisticated, with fake emails, fake invoices and fake accounts on the rise across the industry. By using PayID, you can be sure payments go where they are intended.”
According to the ABA, currently 17% of all real time payments are made using PayID and this new campaign aims to accelerate the growth of these payments.
Over the course of last year, Australian banks spent around $19 billion on IT systems to build resilience including against scams, but unfortunately, these issues are not restricted to banking alone.
Other sectors and services are used to scam customers and banks will keep working with other key sectors like online shopping platforms, telco providers as well as governments and law enforcement agencies to combat this growing challenge.
What is PayID?
It's a unique piece of information such as your mobile number or email address, that you can securely link to your bank account to receive payments.
To receive money, register either your mobile number or email address as your PayID.
Your friends can use this to pay you or to send money, simply select PayID as the transfer type when you’re transferring.
Customers can have multiple PayIDs, including their phone number, registered emails, or even their ABN in the case of a business.
For MyState Bank customers wanting to register for PayID:
More information can be found at payid.com.au and mystate.com.au/bank-accounts/digital-banking/payid/
Stay scam smart: Never provide banking information over the phone or via text to anyone even if you know them. Learn more