Avoiding payment scams

New technology is making payments safer against financial scams. And with the launch of PayTo^®, Australians have a powerful tool to reduce the risk of falling victim to payment fraud.

Common payment scams

Scammers are creative. They draw on a whole host of social engineering tricks and tactics to steal money. They build elaborate and increasingly sophisticated stories that are convincing enough to turn even the savviest shoppers into victims.

Some of the most common payment scams include:

• Fake invoices and payment requests. You check your inbox and see a new email. Or maybe you get a text from an unknown number. Either way, the message is about an unpaid bill, and it looks like it's from a legitimate company (your electricity provider or a streaming service, for example). It asks you to make a payment, and when you do, it goes directly into the scammer's account.
• Phishing scams. A scammer tricks you into handing over your banking login details via email, phone, or even text. Then, they use them to steal money from your account.
• Investment and romance scams. You're convinced to send money as an "investment opportunity" or to someone you've met online. But you've been scammed. What you thought you knew turned out to be a lie.
• Unauthorised direct debits. Ever signed up for a free trial only to realise months later that payments are still coming out of your account? Some scams involve setting up fake debits that are hard to track and cancel.

PayTo is a useful tool to have in your transaction kit

Think of PayTo as a new, smarter way to pay from your bank account—one that puts you in control. Instead of handing over your account details and hoping for the best, you approve every payment request from within your own banking app.

Here's why that matters for security:

• Scammers can't just set up a direct debit behind your back. With PayTo, you have to approve every agreement before money leaves your account.
• You can see all your PayTo agreements within your app or online banking. This means no more forgotten subscriptions or sneaky deductions you didn't authorise.
• Payments are linked to your bank account and approved through your app. This lowers the risk of fraudsters gaining access to your money.

Payment security tips 

Even with PayTo helping to prevent unauthorised transactions, staying alert is still your best defence against scams. Here are some golden rules to follow:

• Never allow someone remote access to your device
• Never share your banking details
• Double-check payment requests
• Be cautious of urgent demands from someone claiming to be from a real financial institution or organisation
• Review your transactions regularly
• Stay up to date on scams with Scamwatch.

A safer way to pay

PayTo won't stop scammers from trying, but it does make it much harder for them to succeed. Consider switching to PayTo if you want more confidence in your payments.