Danger with PAY ID

New payment services being offered by the banks include PAY ID, which allows you to send your payment to another person via a phone number or an email address.  If you confirm then if the details are correct, you should receive the money in under a minute.

But this connection from name to email or phone creates a link which can be useful information for scammers….

Image: Image : Shutterstock – Tiwaporn Khemwatcharalerd

Produced By: Roderick Chambers

Featured In Story: Professor Stefan Trueck ARC Future Fellow Dept. Actuarial Studies, Centre for Risk Analytics at Maquarie University

First aired on The Wire, Wednesday 1 May 2024