Since launching, huge numbers of consumers have started using the New Payments Platform (NPP) and PayID to make and receive payments faster and more easily.
In fact, hundreds of thousands of Australians, including CUA members, are now using just their mobile phone number or email address (known as a PayID) instead of their BSB and account number to receive money into their account.
And with over 70 financial institutions on board to offer these services, sending money instantly between banks using just a PayID is fast becoming the norm.
But whenever a new way to send money comes along, we rightly ask: ‘Is this secure?’ Here are five reasons you can be confident that your money and personal information are safe.
A PayID can only be used to receive money
A PayID is a simpler way to identify your bank account so you don’t have to remember your BSB and account number. It can be your mobile number, email address or ABN (if you’re a business).
But just like your BSB and account number, your PayID can only be used to receive money. It can never be used to take money from your account.
Only you can set up a PayID for your account
To be able to set up a PayID for your CUA account, a number of security steps are required:
- You need to securely log in to CUA Online Banking.
- When you choose a PayID for your account, you need to verify that you’re the owner of the details being used. For example, if it’s a mobile number or email address, you’ll need to enter a one-time password sent to that number or address.
- No one else can set up a PayID on your behalf, or use your details to set up a PayID for their bank account. CUA can help you set up a PayID for your account, but only after confirming your identity and that you have the authority to create the PayID.
PayID makes payment errors less likely
When you make a payment to someone else’s PayID, you’ll be shown their name before you approve the payment. It means accidentally paying the wrong person will be much less likely.
Financial institutions across Australia are working together to make NPP safe
NPP is an industry-wide initiative, and financial institutions, including CUA, are working together to make it safe. We’re doing this by:
- Using world-leading technology and data security standards
- Monitoring the service 24 hours a day, seven days a week
- Taking steps to stop suspicious payments
CUA will take further steps to protect your payments
Along with the industry wide protections, all payments made using NPP and PayID will be protected by CUA’s own fraud and security screening measures:
- Secure log in using your member number and Web Access Code is required
- When you pay someone new, a one-time password is required
- Daily transfer limits are in place
- All information is encrypted
We’ve also got lots more information available to help our members stay secure and protect themselves from fraud.Learn more about NPP and PayID