Video Transcript – Unauthorised Payment Scams

Payment scams are a big thing affecting people these days. There are two ways this can happen. First, the rogues can get access to your payment tokens (credit or debit cards) or hack into your online banking or mobile banking. For instance, if you lose your contactless debit card a person can find it and use it for several transactions until you realise and call the bank to cancel the card.

Or someone can figure out the password to your phone and online banking app and transfer money to themselves or an associate of theirs. In these cases, you are not making a payment yourself, someone fraudulently makes the payment using your tokens or credentials. In these types of cases, the relevant regulatory rules dictate that you can get your money back from the bank (apart from a small amount they can charge you) provided that you did not act with gross negligence.

If you voluntarily give your card to a friend and agree on a spend limit but your friend spends more, you cannot force the bank to repay you unless the bank voluntarily agrees to reimburse you. The same applies if you leave your contactless card in a common space in a flat share. But if you behave reasonably at all times, and still someone manages to get access to your card or online banking then you are protected. So, the advice is always to keep your cards and passwords secure, never share with anyone else unless you trust them 100% and are happy to take the consequences of this trust, never use mobile or online banking in public via public WiFi, and if your card or phone is lost or stolen always inform the bank as soon as possible.