A public awareness media campaign has been launched by the ABA and collaborating ABA member banks to aid in defending clients against the rising threat of frauds. When making payments through online and mobile banking, users are urged to use PayID, which has been accessible since February 2018, as part of the Australian Banks: Working to Protect You campaign.
According to ABA CEO Anna Bligh, they encourage people to learn more about PayID, and an excellent place to begin is the website payid.com.au. This website emphasises the services offered by each bank and, when possible, offers data on how to sign up. It links directly to the websites of the participating banks.
PayID is free to sign up for, simple to use, and more than 11 million PayIDs have been registered in Australia as of this writing, and one would want to see even more. Customers may use more than one PayID, which may include their registered email address, phone number, or even their ABN in the event of a business. PayID is presently used for 17% of all real-time payments, and this campaign intends to hasten the expansion of these payments.
PayID is unlike a regular payment where you require both a BSB and an account number; it’s as simple as utilising the mobile number or email address of the person or business one intends to pay. Importantly, it aids in the prevention of scams since, in contrast to a regular payment, the payer can view a confirmation screen before confirming the payment, which displays the intended PayID name.
Customers will be better protected the more PayID payments one observes. The ABA campaign uses a variety of materials, such as online videos, radio spots, digital posters, and social media tiles, to highlight scams and how using PayID can guarantee payments go to the right place. This campaign will track both the growth in PayID registrations and the increase in payments made to a PayID rather than a BSB and account number.
Australian banks invested over $19 billion in IT systems over the course of the previous year to increase resilience, notably against frauds, but sadly, these problems are not unique to the financial industry. In order to address this rising issue, banks will continue to collaborate with other important industries like internet retailing platforms, telco providers, and also governments and law enforcement authorities.