Westpac PayID Hacking Incident Affects 100,000 Australian Customers

Westpac suffered a massive cyberattack that exposed private details of around 100,000 of its customers earlier this month. The attack specifically exploited Westpac’s PayID, an application that allows its users to conveniently transfer money by just simply entering the receiver’s phone number.

This simple banking process was vulnerable enough for cybercriminals to manipulate the system by generating a series of random numbers to successfully formulate a Westpac-registered number. This will reveal the customer’s name and other private information. It has been reported that there were about 7 fraudulent accounts made in order to proceed with the attack.

Online banking is efficient, but it could possibly compromise your privacy

A spokesperson from Westpac Group confirmed the cyberattack, but maintains that “no customer bank account numbers were compromised.” Additionally, Westpac claimed that there have been no further inappropriate activities that have been detected after the initial report.

Banking apps are now being used by users mainly for its convenience and faster transactions. As technology evolves, we should remain vigilant around the privacy of our personal information. In order to protect your online accounts, always keep your passwords safe with Trend Micro Password Manager. It keeps your passwords completely secure, and generates tough-to-hack passwords so you don’t have to worry about being hacked.

For the best protection for your phones and other smart devices at your home, get Trend Micro Home Network Security. It defends your internet-connected devices from any type of cyber threats, keeping your smart devices and online accounts secured.

Learn more about Trend Micro Password Manager here. For more information on the ultimate defence for your smart homes, check out Trend Micro Home Network Security here.

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