I am aware of bank transfer scams. Just wondering if it is safe to accept:
PayID and wait till it's in your bank account? So you confirm from your banking app that you have the funds.
Marketplace - Is It Safe to Accept PayID if You Wait till The Funds Are in Your Bank Account?
yjun355 on 29/09/2023 - 09:18
Last edited 29/09/2023 - 10:16 by 1 other user
Last edited 29/09/2023 - 10:16 by 1 other user
Comments
seller will see that the funds received (not pending)
Are you 100% sure on that? Uncleared cheques would be pending??
Further, can scammer deposit an eCheque if all they have is your email/phone number used for PayID?
"there were stories"
Pulled out of your own arse or do you have links to these stories?
Never ever accept payid
I don't think you comment is valid. Why would you not? PayID itself is a safe and instant payment method. The scam occurs when the receiver does not check their bank account after receiving the payment email (or whatever the sender chooses).
If payment is made from a compromised account, the payment can readily be reversed.
I'd like to know how many times either you or someone you know has been the victim of this scenario.
Dude didn't even check bank balance on his own phone and let the buyer take goods before payment cleared. Got lured by a smooth talker driving a rented Merc.
Generally Yes but … the payment could come from a hacked account (or someone later claiming to be hacked), but this puts it into the legal FRAUD territory rather than low-level scammer. Ie police and bank would likely be involved.
Given how prevalent Pay ID scams are at the moment I would not accept Pay ID for any reason.
What sort of scams do they do with PayID?
There are no scams that anyone has every shared with PayID, just scams that are pretending to be using PayID (see: "upgrade to business account", fake transfer receipts, screenshots, etc)
Just like there are scams with people selling "the latest elon musk shares buy quick NOW!", but that doesn't mean shares or commsec as a business is a scam
Spot on.
It's a social engineering scam, not a technology shortcoming.
It is based on being a relatively new technology that people don't really understand, so are conned into making dumb decisions.
If the money has made it into your account, then you are fine.
Read all the PayID scams, and you will see where the issue is.
Yes, I make and receive PayID payments frequently.
CASH or GTFO
You made the mistake of letting them in….
Counterfeit cash haha.
at least police should be interested if counterfeit notes were used
https://mypolice.qld.gov.au/farnorth/2022/11/25/reports-of-c…should
Yeah should is for real - I sold a cheap car and got paid $800 in counterfeit notes and police couldn't give a shit (obviously held onto the fakes) but that was it
I've used it quite a number of times for amounts lesser than $200, and it's been ok. The buyer waits around until the amount hits my account and then we're good.
I've personally had no issue with people using PayID for items as long as it clears my account and I see it there. Generally I still prefer cash on pickup. But i've heard and have had people that i have blocked from FB marketplace because they seem very suss. Things like saying they will process payment now and get a courier to pickup the next day is a no go for me.
💯 safe
Just ask one of your accountants.
If its a pickup, then 100% cash. Any genuine buyer will make the effort to get cash before meeting you. Also if its a high value item or those frequently targeted by crims and easily resold: phones, laptops
As a genuine buyer, I never show up with cash. If the seller doesn't accept PayID, I help them with setup and process the instant payment. For transactions over $500, I inspect the item, agree a price, make the payment and return 24 hours later to collect.
You'd spend time and effort travelling there twice? :o instead of say, opening an acc with a bank that doesn't apply a 24hrs hold for new PayID recipient.
The seller also has to make time for the second meet.
In my experience sellers are always grateful to find buyers. The 24-hour hold for a first-time payment I believe is based on the transaction value.
No one has ever posted any proof or cases where waiting until the money is in your account, can go wrong. Once the money is there, it is there. PayID is fine, and I use it all the time.
Lots of misinformation out there, though.
And if it's not PayID, it's the old "bank cheques can bounce" misinformation being spread around.
I tried accepting PayID once; they ignored my phone number as the ID and instead asked for my email which they subsequently emailed a scam 'PayID failed' email.
I reckon accepting PayID to an ABN (i.e. linked to your home business and name) might be the safest option since they can't really send a phishing email or SMS that way; either the payment arrives or it doesn't… but I've yet to try this out.
Yeah but that's the point. That is not cleared into your account. You looking at receipt what person sent you.
However, if money is in your bank account from payid, can that be scam?
So the key point is — "I'm not interested in what's showing on your (the buyer's) phone, I'm only interested in what's showing on my phone".
Transfer the proceeding to your own account in another bank. Once this transfer is cleared it is 99% safe to send the goods.
thanks. yeah that a good advice
That's crap advice. If the situation requires the bank to reverse the transaction (ie fraud), you will have to provide the funds or face legal action. Putting the funds in another bank will only make you look complicit.
That's why I said 99%.
If this happens and police is involved, the money becomes proceeding of crime regardless which channel the transaction took place, even if it was through cash exchange. So it is irrelevant to the topic and what the OP asked.
I totally don't get why it would make you look complicit. Why bother if you are innocent? Btw, I never gave out my main bank account in such transactions, I only give the account that I least used and with 0 balance.
Just get cash from the buyer , if we dont keep using cash we will lose it.
Nope.
I understand the OP has given his/her PayID and waiting for funds.First problem here is that PayID has all the info scammers seek: your phone number - your email address - your name.
No, your bank account will not be emptied but the other details would/will/could be used to.Cash is king. For a good reason.
Bank transfers are an alternative but double check the buyer includes details as in why is sending you that payment/money.
No "payment" will not fly, yes "payment for iPhone 6" will do. Easy.
there were stories about bad buyers depositing fake or stolen cheques, so seller will see that the funds received (not pending) on their account BUT in 1-2 days the bank will take that money out.
and if you already withdraw/move the funds you will be in debt.
not sure, never happen to me personally but i paid few times via payid to sellers in different state and they sent me the good no issue (cheap items, $50-150 max)