Australian Instant Payments System Mined By Fraudsters

A weeks-long “misuse” of the simplified payment address system used by Australia’s major payment providers has been branded as a vulnerability at the heart of the country’s instant payments platform, but experts are divided on how serious the flaw is.

Customers of banks connected to Australia’s instant payments system, the New Payments Platform, can sign up for a PayID using an identifier such as their phone number, email address or business registration number, which then replace account and branch numbers as the payment address.

Others can then find payees by typing in their identifier, which then shows the person’s name.

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