So if you chose to reset your password, you might end up with two emails - one legitimate and one from a scammer. The risk is that the scammer’s one arrives first and you don’t scrutinise it closely enough.
I wonder, in this situation, what percentage of customers actually respond to the legitimate breach notice email by resetting their password? Because there are so many scams I suspect that a large number of customers ignore the notice anyway.
Simple remedy being “don’t use your phone number as your Pay ID”
I just noticed that, when using the “Pay anyone” function, my bank (Rural). defaults to Osko (which I’ve never knowingly activated). It’s easy to turn off and use the old funds transfer system, but I’m curious. Why is it so?
Someone makes more money?
That’s the cynical explanation. Perhaps the true reason is that ultimately all banks want all transactions on the new payments platform.
This bit me recently. Didn’t notice that Osko was selected by default but fortunately(?) the transaction failed fairly quickly (within minutes) and so I was able to redo the transaction. I think the transaction failed because not all banks are using the new system yet (i.e. my transaction was from an account at one bank to an account at a different bank - whereas for accounts with the same bank the payments system may be completely bypassed and the transaction just happens).
Even in 2020 it is very difficult to find out which financial institutions do and which don’t accept Osko real-time payments.
Problem 1. their website may say it “is coming” but they don’t say when it is coming or when it came [to the bank]
Problem 2. directly asking about Osko gets a response about the PayID function instead, which is not necessary for an Osko real-time payment. That is, you can specify BSB and bank account number in order to do a real-time Osko payment without the recipient having registered their phone number or email address or whatever as their PayID.
Problem 3 might be specific to some financial institutions, but my bank’s payments system let me make my own PayID, but if I try to pay anyone else there is no option to use a PayID just BSB and account. Funny that?
