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PayID data breaches show Australia's banks need to be more vigilant to hacking
From: InfoSec News <alerts () infosecnews org>
Date: Wed, 18 Sep 2019 08:41:45 +0000 (UTC)
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, 2019When 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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