Monday, 24 September 2018
Latest news
Main » Australia's Largest Bank Admits Losing Records Of 20 Million Customers

Australia's Largest Bank Admits Losing Records Of 20 Million Customers

03 May 2018

Greens treasury spokesperson Peter Whish-Wilson said Commonwealth Bank's explanation that it didn't tell customers it had lost the records because there was no evidence their privacy had been compromised was "utter bulls-t".

The bank informed regulators and found that the tapes had "most likely been disposed of" after an internal investigation with the help of KPMG.

The tapes were meant to be destroyed; however, the bank admitted it had been "unable to confirm the scheduled destruction" and ordered a forensic investigation by KPMG. Teams retraced the route of a bank subcontractor's vehicle to look for the backup drives but couldn't find any trace of them, BuzzFeed reported. The bank knew it had lost the personal information of almost 20 million accounts back in 2016 but it didn't tell customers at the time.

CBA's acting head of retail banking services, Angus Sullivan, said the magnetic tapes were due to be destroyed but the bank was not in a position to confirm this had happened.

Sullivan said, while this all unfolded two years ago, the bank had decided it was not necessary to alert customers after discussion with the Office of the Australian Information Commissioner (OAIC).

SC Collegium defers decision on Justice KM Josephs elevation
As chief justice of Uttarakhand high court he had stuck down the move of central government to impose president rule in the state. The statement said that the decision was "deferred" and did not give the next date of the meeting of the collegium.

CEO of CBA Matt Comyn said all of the APRA recommendations would be implemented:"We will establish a higher level of accountability and effect for our actions and the impact we have on customers".

"We have however been contacted by the OAIC this week for additional information about this matter and the actions CBA undertook in 2016". He said the bank suggested his wife must have taken the statements there and left them behind.

The lender assured customers there was no need to worry as the tapes did not contain passwords, PIN numbers or other data that could be used for fraudulent purposes.

But OAIC is now making further inquiries after a report by APRA slammed the bank for its "widespread sense of complacency".

The same year, Time Warner lost a container of 40 tapes "containing sensitive data, including the names and social security numbers of about 600,000 people", while a division of Citigroup also lost tapes affecting some 3.9 million customers.

Andhra CM Naidu blames Centre for slow growth of AP
Nara Lokesh, State's PR, RD and IT Minister, while addressing public, he said, "no address for BJP". Though four years lapsed Narendra Modi has done nothing to the State.

However, Commonwealth began sending emails to customers on Thursday, notifying them of the incident.

Commenting on the incident, the Australian Prudential Regulation Authority said that community trust in CBA had been "badly eroded" and the bank had "fallen from grace".

"They need to bypass the media and communicate directly to get their message through, because whatever they (say) via media it will be put into a whirlpool of Royal Commission, money laundering and other filters", added Harris, referring to the powerful independent inquiry into the broader finance sector.

"The 2016 incident was not cyber-related and there has been no compromise of CBA's technology platforms, systems, services, apps or websites".

Diseases from mosquitoes, ticks on the rise — CDC
Warmer weather has also made tick and mosquito season longer, and mosquitoes tend to become more infectious during heat waves. Educate the public about how to prevent bites and control germs spread by mosquitoes, ticks, and fleas in their communities.

Australia's Largest Bank Admits Losing Records Of 20 Million Customers