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.
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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’.
Beem It – the venture behind an app which allows people to make instant, peer-to-peer payments without the need for a BSB number or account details – has appointed its first chief executive officer.
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’.