PayID data breaches show Australia's banks need to be more vigilant to hacking

[InfoSec News <alerts () infosecnews org>]

https://theconversation.com/payid-data-breaches-show-australias-banks-need-to-be-more-vigilant-to-hacking-123529

By Paul Haskell-Dowland
theconversation.com
September 17, 2019

When we think of a bank robbery, we might imagine a safe with the door blown 
open. But nowadays it might be more accurate to picture criminals accessing our 
bank account online from another country. Bank robbers don’t need balaclavas 
and shotguns anymore.

Australian banks have long provided convenient ways for customers to transfer 
funds. But the process of remembering and entering BSB and account numbers is 
prone to human error. Enter PayID.

PayID allows customers to attach their mobile phone number or email address to 
their bank account. They can then simply provide these details to other people, 
providing a convenient way to receive payments.

It can only be used for incoming payments, rather than outgoing ones. So you 
might think that makes it less of a tempting target for hackers. But that’s not 
necessarily the case.

[...]

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