The ABC News website today has a timely warning regarding the approaching Australian Payments Network system and the experiences in the UK over the past decade.
Just when you thought it might be safe to go back into online payments, we have this nightmare looming.
And based on their past performances, I would fully expect the Aussie banks to be an even greater bunch of unhelpful, uncaring grubs than their UK counterparts.
Thank you for this article.
This is the downside of the new payments platform process. The upside is that when we transfer money, or money is transferred to us, it happens straight away and we don’t have to wait for days and days and days…
I suspect that it won’t be rampant, and there could easily be additional checks and balances in place to prevent such frauds.
It is also interesting to note that ‘In the UK, financial institutions have until now avoided paying compensation to the victims, because they themselves authorised the payments.’ I suppose the same applies in Australia to those who may have lost significant amounts of money to dating, Nigerian etc scams. The banks are not responsible for such payments.
I suspect in the UK case, it would be interesting to see the level of security placed on the email servers to prevent unauthorised access and subsequent fraud. It could be possible that the level of security was deficient making the relevant party ultimately responsible. Maybe this may trigger adoption of better data and email security practices by business, especially whose past focus has been waining.
