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We've had something similar (OSKO/PayID) in Australia for a couple of years now. In our case it wasn't the government, but the private banks getting together to
by aussieguy1234 3y ago
We've had something similar (OSKO/PayID) in Australia for a couple of years now. In our case it wasn't the government, but the private banks getting together to launch it themselves.
Unfortunately its a big target for scammers. Once the cash is instantly transferred, there is little to no chance of getting it back. There are no chargebacks like with credit cards and the instant nature of it means payments can't be reversed like the old bank transfers.
So its good for sending money to friends, family and trusted people, but not so great for buying anything online as your protections are basically zero.
- rcaught 3y agoYou have to remember that the instant payment also stops the scam of "it will be in your account in a couple of days". You can see right there and then that the payment went through.
- aussieguy1234 3y agoOne scam blocked, another enabled. Of course scammers will update their strategy to take advantage either way.
- cubefox 3y ago... except for buying things from countless trusted online companies? Reminds me of https://astralcodexten.substack.com/p/the-buying-things-from-a-store-faq https://astralcodexten.substack.com/p/the-buying-things-from...
- AnonMO 3y agozelle is the same thing in the US been around for years ran by banks with lots of scamming going around.