15th November 2021 | Business
Businesses are urged to register for PayID or use BPAY for making payments and receiving payments, to reduce the risks of Scams and loss of income.
Last year Australians got a big hit in scams totalling over $850,000 million in losses. With $128 million being payment redirection. This week the Council of Small Business Organisations Australia, and Australian Small Business and Family Enterprise Ombudsman (ASBFEO) is focusing on Scam awareness.
Services such as PayID, BPay and e-invoicing will show who a business is paying before they pay, ensuring money is going to the correct account.
PayID is a unique feature that will prevent scams for individuals and businesses. Unlike paying to a BSB and account number, PayID gives the user the ability to confirm the name of the account holder before you transfer your funds. If you need to make payments always use the number provided at the bottom of your bill. Add the BPAY and reference number and save the contact details when making payment. This will prevent you from paying any scammed bills in future.
Recent ABA analysis of data showed more than 80 per cent of Australians prefer to pay bills, check account balances or transfer money online. The use of cash is continuing to decline, represented by RBA data showing ATM withdrawals decreasing by 20 per cent in the year to August 2021, after falling 16 per cent in 2020.
It is important to know how to protect yourself from business email compromise scams. If you get a text or email requesting to change your payment details, make sure you call to verify the details before making the payment.
If you would like to register for PayID click here
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