https://theconversation.com/payid-data-breaches-show-australias-banks-need-to-be-more-vigilant-to-hacking-123529
By Paul Haskell-Dowland
theconversation.com
September 17, 2019
When we think of a bank robbery, we might imagine a safe with the door blown
open. But nowadays it might be more accurate to picture criminals accessing our
bank account online from another country. Bank robbers don’t need balaclavas
and shotguns anymore.
Australian banks have long provided convenient ways for customers to transfer
funds. But the process of remembering and entering BSB and account numbers is
prone to human error. Enter PayID.
PayID allows customers to attach their mobile phone number or email address to
their bank account. They can then simply provide these details to other people,
providing a convenient way to receive payments.
It can only be used for incoming payments, rather than outgoing ones. So you
might think that makes it less of a tempting target for hackers. But that’s not
necessarily the case.
[...]
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