- May 17, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Potential Risks of Sharing Personal Banking Information on Social Media
Sharing personal banking information such as your name, BSB, and account number on social media platforms like Facebook can pose various risks. While it may seem harmless to provide this information to someone for a legitimate transaction, there is always a possibility of it being misused.
## Concerns about Unauthorized Access to Your Account
One of the primary concerns is the potential for unauthorized access to your bank account. With just your name, BSB, and account number, malicious individuals could attempt to set up direct debits or authorize transactions without your consent. This could result in financial losses and other complications that may be challenging to rectify.
## Need for Caution and Vigilance
Although the person you shared your banking information with claims to be making a payment for a purchase, it is essential to exercise caution and remain vigilant. It is unusual for someone to delay payment despite being active on Facebook, raising questions about their intentions. Your instinct to question the situation is valid, and it is crucial to prioritize your financial security.
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Utilizing AI Legalese Decoder can provide you with insights and guidance on the legal implications of sharing sensitive information online. By analyzing the terms and conditions of social media platforms and applicable laws, AI Legalese Decoder can help you understand the potential risks and legal protections available to you. Additionally, it can offer recommendations on safeguarding your personal information and mitigating risks associated with online transactions.
In summary, while it is natural to feel apprehensive about sharing personal banking information on social media, being proactive in protecting your financial assets is essential. By leveraging tools like AI Legalese Decoder and maintaining a cautious approach to online transactions, you can mitigate risks and safeguard your financial well-being.
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They can – and it’s happened to me with ANZ.
They use the bsb and account number to sign up using a direct debit form to a large multinational using a manual form. In this case, it was Telstra- the (dodgy) business has a $30k debt with Telstra.
They used a totally different account name but our BSB details – when Telstra ran the account, it took our money.
Took me 6 weeks to get it back and lots of hair loss. ANZ could do nothing to fix it.
You need to have a payment account that is isolated from your direct debit account, and one where you keep large balances in.
No. Think of all the bills or invoices you have received with those details at the bottom.
If it was a security risk, it wouldn’t be there.
here is how this goes if it was a scam – a very common one on FB market which is more likely,
they can pretend to have paid you, send you an email or a fake screenshot – tell you transfer takes a day to reach your account, then tell you I will send my brother or son or a courier to pick up the item you are selling.
they will show you that they overpaid you a bit or a lot – they say sorry, I made a mistake or something, then tell you can you please just pay the extra part to the courier/bro/kid in cash when they arrive or tell you to transfer it back to them immediately cause they are desperate for cash out of a sudden.
the scam is the money will never reach you and you will likely lose some money by being nice and maybe lose the item for free
– The same scam can happen with PayID and paypal – always ask for payment in person face to face when they come to pick it up . they cant scam that.
– if they want to do payid or pay you any other way : ALWAYS ASK that they do it after inspecting the item and infront of you ( this way you can look at their phone )
Another issue: using your name and bank account numbers, they might try to steal your identity or just do a credit check on you somehow – it’s not likely and they probably need more info about you but it’s better to be safe, always check the person’s profile to make sure it’s real
ALWAYS get paid on pickup – no matter how sweat it is.
Source: I have made a lot of sales and had this scam attempted on me many times, if you want proof – just post an ad for a steelcase leap chair on FB for any price . almost instant replies with the same scam
You’re fine. You can’t do anything with those details. I’m pretty sure on the bottom of a check is has your BSB and account number on them, so people used to hand these details out all the time. Banks still recommend not to just hand your details out to strangers, but it is still the only way to get a direct debit sent TO your account. You need banking login details to set up a payment FROM the account.
Yes they can do dd, but online it would be traced to a company and an account and a person/ receiver of the benefit. They would be stupid to try
Why are people so adverse to payid/osko transfers? instantaneous irreversible secure payments.
Most banks reccomend only providing Acc + BSB to people you know
For everything else they reccomend PAYID
PAYID is supposed to be instant, however I know for a fact that Commbank like to hold payment for 24 hours for no reason with new payees (while every other bank makes it instant) so keep that in mind when selling good using PAYID
If there are any other banks that use this poor PAYID practice, I say we make a list of shame, I only know of combank.
UPDATE: the person did infact transfer me the money this morning and it’s not pending or anything, definitely in my account so I don’t think I have anything to worry about – but I’m saving myself the headache next time and only using payid or PayPal 😅
You might be subjected to a direct debit scam. Basically whoever had your details can set up a direct debit to withdraw funds from your account without your authorisation if there are enough funds in your account.
You can google direct debit fraud to get more information. It’s been an ongoing thing for a while.
There is always a risk with handing out any personal information. In the absolute worst case, they can sign you up to direct debits, walk in a branch and pretend to be you and withdraw your money, call up the bank and pretend to be you, etc.
If they don’t have a legitimate profile, don’t deal with them, it’s simple. Come on it’s 2024 you should know this. Think about it a little – these scams have been going on for a long time now