The popularity of online marketplaces has made them a fertile ground for fraudsters. There are several red flags to look out for when selling stuff
However, it is more likely scammers will try to gain money through payment methods. The PayID scam is a popular example of this, with Australiansto overcome incorrect payments as well as reduce fraud – by showing the recipient’s name to the person making the transaction. It aims to simplify the transfer of money. Importantly, PayID reduces the need to remember bank account and BSB numbers, and overcomes the issue when these are entered incorrectly.
To transfer money using PayID, most online banking systems will ask for the PayID of the recipient. By simply typing in the phone number, email address or ABN, it will show the name of the intended recipient. If it is correct, the customer can authorise payment to be made. If the name shown is incorrect, the customer can easily cancel the transaction.If you’re advertising an item online, a scammer will make contact to purchase the item.
The offender will say they have made the payment but it cannot be processed because you don’t have a suitable PayID account. You will be told you either need to “upgrade” the account and/or make an additional payment to release the funds.
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