Is it safe to share your BSB and bank account number?
You're selling an old couch on Facebook Marketplace and a buyer asks for your BSB and account number to transfer payment.
Is it safe to share those details?
In most cases, yes. Someone can use your BSB and account number to send money into your account, but not directly withdraw money from it.
However, banks warn that these details should still only be shared with people you trust because they can potentially be misused to set up unauthorised direct debits.
Here's what Australia's major banks say, the risks to know about, and safer ways to get paid online.
- Sharing your BSB and account number is generally safe. These details can be used to deposit money into your account, but not to withdraw funds.
- Someone could potentially use these details to set up an unauthorised direct debit, though banks should reverse the transaction once it is reported.
- Only share your BSB and account number with people and organisations you trust.
- PayID can be a safer and more convenient alternative, allowing you to receive money without giving out your BSB and account number.
Is the Facebook Marketplace payment request a scam?
While many of us would be happy to share our BSB and account number with close friends and family, requests from strangers are raising understandable red flags.
Money has heard from dozens of Australians questioning whether it's safe to share these details.
Many have been asked for their BSB and account numbers while trying to sell something online, with interested buyers promising quick payment for the item once these details are received.
Selling stuff online to people you don't know can be risky - Australians have already reported losing more than $9 million to buying and selling scams so far this year, according to ACCC Scamwatch.
Many of the online sellers we've heard from turned away the interested buyers without sharing BSB or account numbers, suspicious that promises to pay extra and organise shipping to distant locations without inspecting the item were too good to be true.
Marketplace scam red flags
- Buyer offers more than the asking price
- Buyer wants to organise a courier
- Buyer refuses to inspect the item
- Buyer asks you to pay upfront fees
- Buyer claims PayID requires a payment to activate
- Buyer pressures you to act quickly
Is it actually safe to share your BSB and account number?
Banks say customers who err on the side of caution are doing the right thing.
While a BSB and account number alone can't give someone access to your funds, you should be careful about who you share them with, as they can be misused to affect your balance.
Case in point, major lenders CommBank, NAB, ANZ and Westpac all make sending someone these details relatively easy to do, but warn you should only share them with people you trust.
Each of the big four say you definitely should not be sharing more sensitive details, such as PINs or passcodes.
What are the risks?
Banks warn that, in theory, someone could use your BSB and account number to set up a direct debit on your account without you knowing.
The good news, according to the federal government's Moneysmart website, is that you're likely to get your money back if this happens.
But only if you let your bank know soon and haven't also shared other sensitive details, including your PIN or passwords associated with your account.
If you've done the right thing, but are having trouble dealing with your bank, contact the Australian Financial Complaints Authority (AFCA).
What to do if you've shared your BSB and account number
- Don't provide any more details, especially PINs, passwords or passcodes
- Watch your account for any suspicious direct debits or transactions
- Alert your bank as soon as possible if any of these occur
What about credit cards?
Credit cards require stricter protection:
- Only use them on secure, trusted websites
- Never email your card details
- Only provide card information over the phone to a verified merchant
Safer ways to receive money
You can avoid some of the risks and complexities of sending and receiving money via BSB and account number by using PayID instead.
Launched in 2018 and now offered as a feature on most bank accounts, PayID links your account to your mobile number, email address or some other unique identifier.
Once you've set it up, anyone wanting to send you money can elect to do so via PayID and then enter the identifier you've chosen.
Funds then arrive straight into your account, just as they would if that person had entered your BSB and account credentials.
PayID not only allows the sender to avoid having to carefully enter these long numbers, they'll also be able to confirm your name is associated with the account, providing peace of mind the money is going to the right person.
This originally provided users extra protection over traditional transfers done via BSB and account number, where names weren't checked.
Although it's worth noting many banks have recently introduced Confirmation of Payee (CoP), which performs a similar function on traditional bank transfers.
It's also worth getting familiar with PayID before you use it - scammers have been known to try and sow confusion over the feature in attempts to fleece consumers: PayID is free to use, so anyone telling you to send them money to make it work should be avoided.
Checklist: How to keep your money safe when sharing bank details
Before sharing your BSB and account number:
- Confirm the identity and legitimacy of the person or business offering to send you money
- Avoid common scam scenarios, especially those involving offers too good to be true from buyers based in remote locations or requests to pay for couriers out of your own pocket
- Google the buyer's email, name or phone number to check for scam reports
- Avoid rushed decisions and pressure tactics
- If selling on an established classifieds platform, follow its recommended payment methods
When sharing details:
- Only give your BSB and account number
- Never share login credentials, passwords, PINs, one-time codes or ID copies
- Get familiar with PayID and use it where possible
- Reject requests from marketplace buyers to pay courier fees or refunds
After sharing details:
- Monitor your account daily
- Know your bank's policy on reversing fraudulent debits
- Report suspicious activity to your bank immediately
Get stories like this in our newsletters.
Reply
