NAB has warned Australians selling items on Facebook Marketplace, Gumtree and other online websites to remain vigilant. New NAB data reveals a spike in scams.
A third of reports about these scams involved criminals trying to exploit PayID. The service uses a mobile phone number, email address or ABN to send and receive money.
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NAB Executive, Group Investigations and Fraud, Chris Sheehan, said scammers ramped up their efforts targeting online marketplaces in late 2022. Since then, the problem has continued to grow.
“We are getting reports of people selling an old TV or fridge online and being inundated with identical messages from scammers wanting to purchase the item with PayID.
“The buyer often claims the transaction couldn’t be completed because the seller doesn’t have a PayID “business account”. The scammer might say they’ve paid to upgrade the seller’s account and now needs to be reimbursed.
A$260,000 lost to PayID impersonation scams
Australians lost A$260,000 to PayID-specific impersonation scams last year, according to Scamwatch. But the true number is likely much higher given many scams go unreported.
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By GlobalDataSheehan said PayID was quick, safe, simple and free.
“There are never any charges related to using PayID. It’s also important to remember PayID will never send you an email, text or message directly. Your bank registers and manages PayIDs. If you get an email, text or message directly from ‘PayID’ it is a scam.”
Sheehan reminded all Australians to pause before hitting send on a transfer and never be pressured to make a payment.
“Digital banking is part of daily life for millions of Australians. The current cost of living pressure means many are looking for ways to make extra money. For some people, that’s through selling unwanted goods online and decluttering their home in the process.”
Reported scams up 38% in the past year
Sheehan said scams were a growing global problem requiring greater collaboration across government, business sectors and the community. to stop the crime before it happens.
“Customer reports of scams to NAB increased 38% year-on-year. We have more than 60 initiatives completed or underway to reduce the impact of scams.
“We’ll always make every attempt to prevent scams and recover funds where possible. But it can be very difficult once the funds have left a customer’s account.”
