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The app was supposed to allow two people with different bank accounts exchange money instantaneously — but PayID has been hacked, exposing private details of 100,000 Australian bank customers.

Real-time payments platform PayID, which allows the instant transfer of money with only a mobile number or email address, was hit by a cyber attack earlier this week, the Sydney Morning Herald reported.

The attack on Westpac customers allowed hackers to type mobile numbers into the system at random in order to confirm the name of a corresponding number holder.

Westpac confirmed the attack, but said customer bank account numbers were not compromised.

It comes soon after the Morrison government promised to spend $156 million beefing up cybersecurity measures in Australia, including the creation of a cybersecurity national workforce growth program, new capabilities for countering foreign cyber criminals and further support for the Australian Cyber Security Centre.

It was good news for ASX-listed cybersecurity companies, such as archTIS (ASX:AR9), which makes services for secure information sharing and collaboration.

Recently its Kojensi Gov platform, which is being used during the Aged Care Royal Commission, was added to the Digital Transformation Agency’s (DTA) Cloud Services Panel (CSP) as an endorsed cloud product.

A report by the Australian Computer Society last year revealed that Australia requires 11,000 additional technical cyber security workers over the next decade.


This content is produced by Star Investing in commercial partnership with archTIS.  This content does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.