The PayID real-time banking system owned by Australian financial institutions through the New Payments Platform (NPP) has been the victim of hacker misuse twice this year, highlighting just how vulnerable the nation’s real time payments infrastructure is.
Westpac bank has confirmed that it “had detected mis-use” of the New Payments Platform’s PayID feature, following a report that the details of thousands of customers were looked up by a ‘fraudster’.
Hemant Kogekar is leaving the CIO role at Cuscal in a “good place" after transforming the IT and business landscape over the past two years and making major inroads delivering a complex new payments platform.
Banking customers attempting to create their PayID – a feature of the newly launched New Payments Platform – were hit with error messages and delays yesterday as the addressing database behind it suffered ‘temporary congestion’.
In 2017, the New Payments Platform (NPP) – infrastructure that offers real time payments between financial institutions and their customers’ accounts – will come into effect.