Australian Bank Lost 12M Customer Financial Histories In 2016
Australian Bank Lost 12M Customer Financial Histories In 2016
Commonwealth Bank admits it LOST the personal financial statements of almost 20 million customers two years ago and didn't say anything until now
03 May, 2018, 10:22
If you're with Commonwealth Bank, sorry dude - it turns out the bank actually lost its data on 12 million customers two years ago, and didn't bother to tell you.
The bank confirmed a May 2016 incident when it was unable to confirm the scheduled destruction of two magnetic tapes with customer statements.
Despite not receiving evidence the tapes had actually been destroyed, the bank did not tell customers there was a potential data breach.
KPMG determined that the likely scenario was that the tapes had been disposed of.
The tapes held customer details including names, addresses, account numbers and transactions for 19.3 million accounts from between 2000 and 2016. Sullivan assured the customers of the bank that no personal data had been compromised and so no action is required from their side, including changing passwords or PIN numbers.
The Commonwealth Bank's acting head of retail banking, Angus Sullivan, described the incident as "unacceptable" and has apologised for any "inconvenience and worry" the incident may have caused the customers.
The latest revelations cap a troublesome few months for the Commonwealth Bank.
CBA has now released a statement to its customers via email addressing the situation and assuring them that there's "no evidence of customer information being compromised" and that "customers do not need to take any action".
"When we look back now, the decision that was made at the time has probably been borne out to be a good decision in as much that the data hasn't turned into fraudulent activity".
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".
But BuzzFeed News clarified with Porter's office that he was informed about the incident on Tuesday night, after BuzzFeed News had begun making inquiries with Commonwealth Bank about it.
Under the new banking laws, which became effective in February, it is the duty of the financial institution to notify all Australians affected by a major data breach within 30 days.
"We concluded, given the results of the investigation, that we would not alert customers".
"We have however been contacted by the OAIC this week for additional information about this matter and the actions CBA undertook in 2016".
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