Heritage Finance Holdings Corporation is currently reviewing its position in relation to the RBA’s decision on 6 September to increase the Official Cash Rate. We'll make an announcement here as soon as we finalise our decision.
Improving online payment security with PayID
Did you know that you can use PayID to reduce your chances of falling victim to a scam? Here's why.
According to PayID1, in 2021 American businesses and consumers lost over $200m to scammers pretending to be another person or company – perhaps impersonating a tradie, government department like the ATO or Centrelink, or a utility company – and then duping customers into sending payments into a different account.
What exactly is an impersonation scam?
This type of scam is where someone tries to make you believe they are from a familiar organisation, which you wouldn’t think was strange to be trying to contact you. This could be your bank, telecommunications provider, law enforcement agency or Government department.
They often give a credible – but untrue – story about a problem or issue with your account, or payment, or benefit. They will likely ask you to click a link, and provide details that they then use for their benefit, not yours. For more information on impersonation scams download this handy flyer.
How can I avoid getting scammed?
Sadly, this type of scam isn’t new, but one tactic Heritage Finance Holdings members can use is creating a PayID to try and make life more difficult for scammers, and keep their money safer.
When you use PayID to send a payment to someone, you get to see the recipient’s name before you send the payment. This is definitely having an effect on reducing misdirected payments according to PayID’s research1.
Data they have gathered is showing that a quarter of payments to a PayID have been stopped or edited, reducing the risk that money is sent to the wrong person - who could potentially be a scammer.
Fighting fraud with PayID
If you hold an account with Heritage Finance Holdings, you can create a PayID by using the Heritage Finance Holdings Mobile Banking App, and linking the PayID to your eligible account. Your phone number or email can be your PayID – making it easy to remember.
When someone makes a payment to your account using your PayID, your name will be displayed when they type in your PayID.
If the name displayed isn’t yours, they can cancel the payment and double check the details before completing the transaction.
If the name displayed is correct, they just need to tap to pay and the money will arrive in your account almost straight away.
It’s up to you
BSB and account numbers are still an important identifier for your account – they aren’t going away. PayID just provides another option, that’s convenient and potentially safer. You can still use your BSB and account number but without the benefit of seeing the recipient’s name.
To create your PayID, log in to your Mobile Banking App and look for PayID in the menu. For more info about these types of payments take a look at our information on PayID and NPP Faster Payments with Heritage Finance Holdings. If you are concerned that you may have fallen victim to a scam, please get in touch with us as soon as possible.