The New Payments Platform (NPP) is coming to Australia this year and it’s going to be awesome. You’ll soon be able to make payments in real-time, 24/7, 365 days a year, making money transfers easier than ever and those awkward payment situations a thing of the past. However, new technologies will always come with questions about security concerns. That’s why we’ve debunked the most common questions for all you early adopters out there looking to get involved as soon as it arrives.
- Will paying with the New Payments Platform be secure?
- Hasn’t fraud increased in countries that have already adopted similar payment platforms?
- What if I send it to the wrong number/Pay ID? Can I get it back?
- If someone has my email address, can they access my bank details?
- Will I be able to change my mobile number or email address after I’ve signed up?
Will paying with the New Payments Platform be secure?
Customers will be able to set their own more memorable identifier such as their phone number that is attached to their bank account, thus reducing the problem of payments going astray due to a incorrect account numbers. There will also be more flexibility to include longer messages with transfers, which are currently limited to 18 characters.
Hasn’t fraud increased in countries that have already adopted the new payment platform?
With learnings from the roll-out of similar platforms in other countries like the UK, Australian banks are in a position where we can preempt potential threats. Australia is in the great position of being able to utilise anti-fraud technologies that have had time to evolve and adapt. There are several new technologies now available, including real-time fraud monitoring so that we can better protect our customers.
What if I send it to the wrong number/Pay ID? Can I get it back?
Before you agree to send the payment using a PayID, you will see the name of the recipient and be able to cancel the transaction if the wrong recipient is shown. Even if you do send it to the wrong person, you can get in touch with us and lodge a mistaken payment request. If you have just made the transfer, call us immediately on 133 464 and we can start the investigation process. If you made the transfer prior to today you can send us a ‘Message’ via your online banking or call us to request a reversal. To send us a message, simply log into online banking, go to ‘Messages’ in the menu and follow the prompts. Easy!
If someone has my email address, can they access my bank details?
Not at all, you cannot use someone’s email address to take money out of their bank account using real time payments Your email address can be used to replace your BSB and account number when receiving payments. So, NPP users can provide their email address to their friends, and their friends can then use that address to make a payment to them. There will be strict identification systems in place which mean all users will need to verify their email address and, mobile number to be able to use the New Payment Platform. Security is paramount to the product.
Will I be able to change my mobile number/email address after I’ve signed up?
By all means! You will be able to update both your mobile phone number and your email address if you chose to change these at any point once you’ve signed up. That said, you’ll need to contact your financial institution to update your PayID details and don’t forget to let your friends know that you’ve updated your details.
So there you have it. All your security questions around NPP answered so that you can be the pro when it launches. You can learn more about the the awkward moments that will be avoided through using this new payment platform here and make sure your details are up to date in preparation for the launch.
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