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Sunday, March 3, 2024

Could There Be Costs or Fraudulent Fees When Using PayID in Australia?

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Selling unwanted items is a great way to free up some space and earn money. Many Aussies put the belongings they no longer want up for sale on different sites. Sadly, they often become the target of scammers who are trying to steal cash through PayID, a payment method widely used in Australia.

PayID is an electronic payment type founded in 2018 in Australia. The goal was to ease transfers while reducing fraud and avoiding the possibility of incorrect payments.

A potential sender only needs the recipient’s PayID in order to transfer the amount. A phone number, ABN or email address must be used to reveal the name of the recipient. Then, the customer can authorize if the transfer is made or not based on whether the name is correct.

Although PayID is considered one of the best and fastest ways to perform money transfers, many Australians have fallen victim to scams that took away thousands in AUD. So, it’s important to know how the PayID scam works in order to avoid it.

PayID

Are There Any PayID Fees?

No, PayID doesn’t charge any fees.

PayID’s purpose is to simplify the process of sending and receiving money, and several services have used it already. What makes it even more convenient is the fact that it doesn’t charge additional costs for using it.

If any platform charges taxes for using PayID, you should be sceptical of it immediately. The best ways to stay safe when dealing with a service or platform that uses PayID include:

  • Reach out to your bank if you have been asked to pay PayID fees or if you are unsure about anything related to the electronic payment platform.
  • Keep yourself educated about how PayID works and what it’s used for. For example, how online casino sites use PayID
  • Check the source if you ever receive a message about PayID, and never click on links in unsolicited messages or emails.
  • Make sure that the communication is secure when you talk to a bank or any other financial institution.  For phone calls with the bank, always use a secure line, and if you receive an unexpected call claiming to be from the bank, verify it by calling back on an official number.
  • Reaching out to a recovery firm if you’ve already fallen victim to such scams. It’s a company or organization that specializes in helping individuals or businesses recover from financial losses, typically due to scams or fraud.

How Does the PayID Scam Work?

Let’s break down how the PayID scam works in online casinos. It often starts with a trick called phishing. Imagine getting an email or a text that looks like it’s from a casino or a bank you trust, asking for your PayID details. If you give them this info, that’s where the trouble begins. 

Then, there are these fake casino websites or payment pages that look really real. If you put your PayID details there, the scammers behind these sites get hold of your information. What happens next is they can get into your account and start taking money out, and you might not even notice until it’s too late. 

Sometimes, it’s even worse — they can steal your identity using your PayID and other personal details they tricked you into giving them.

How Do You Avoid a PayID Scam?

You can stay away from such a scam if you can recognize the signs. Paying attention to the following aspects should minimize the risks:

  • PayID won’t communicate with a client using emails, messages, or phone calls as the account is administered via individual banking institutions.
  • The PayID service is free of charge, so you shouldn’t pay any fees to use it.
  •  Only provide your PayID and other sensitive details on websites that you trust and that use secure connections (look for HTTPS in the URL).

What to Do If You Have Been Scammed?

If you are a victim of a PayID scam, then it means you already lost money to an offender. In this situation, you should get in touch with your financial institution as soon as you can. To ensure that this is properly taken care of, you can also do the following things:

  1. If your data has been compromised, then you should contact IDCARE and ask for support.
  2. Reach out to Scamwatch and report the event. Scamwatch serves as a public service to educate and protect Australians from scams, providing current information to help identify, prevent, and report fraudulent activities.
  3. Let ReportCyber know about the incident, as it’s a virtual police portal dealing with cyber incidents.

Many Australians have lost thousands or millions in AUD in various scams, and the PayID scam is one of them. Select reputable online casinos with strong security, verified by reviews, ratings, and official licenses or certifications. And that you never fall victim to an offender who is trying to steal your money.

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