NAB Alert: PayID Scam Targets Online Sellers

National Australia Bank

Australians selling unwanted or used items on online are being urged to watch out for a new PayID impersonation scam.

NAB has seen an increasing number of scams related to fake PayID communication in recent weeks, as thousands of Aussies look to ramp up side hustles or become more engaged with their finances to deal with rising cost of living pressures.

It comes as NAB Economics research shows 53% of Aussies are holding on to around $1,500 worth of unwanted goods.

Despite a potential cash windfall, the research found more than 25% of people are deterred from selling items because of social media hassles.

Example of PayID scam email.
An example of a PayID scam email.

Australians lost $260,000 to PayID-specific impersonation scams last year, according to Scamwatch, while total scam reports to NAB increased 38% year-on-year.

NAB Executive Group Executive and Fraud Chris Sheehan said PayID deception was the latest impersonation scam and the true number of scams impacting the community was expected to be higher given many aren’t reported.

/Public Release. This material from the originating organization/author(s) might be of the point-in-time nature, and edited for clarity, style and length. Mirage.News does not take institutional positions or sides, and all views, positions, and conclusions expressed herein are solely those of the author(s).View in full here.