The Commonwealth Bank is under fire for apparently losing two tapes containing details of millions of accounts. However it’s confident that Passwords and Pin numbers are safe.

Anna McGraw, QUT News.

TRANSCRIPT

It’s been a trying few weeks for Australia’s banks at the Royal Commission.

Now for the Commonwealth Bank, its gone from bad to worse.

They have lost track of two data tapes which hold names, addresses and transaction details of 20 million customers.

And those customers were never notified.

Angus Sullivan, CBA Executive: “We consulted with the privacy commissioner at the time and the decision was made not to alert customers, given the outcome of our investigation, which found the tapes were most likely disposed of.”

The incident happened two years ago.

The revelations of the blunder follows scathing criticism of the Banks Board earlier this week at the Royal Commission.

Scott Morrison, Treasurer: “It found there was a complacent culture, dismissive of regulators, an ineffective board that lacked zeal and failed to provide oversight.”

Among other things the bank has been accused of knowingly charging deceased customers for account fees.

CBA has now emailed customers, saying there is no official evidence that the tapes in the latest crisis have actually been misplaced.

The Bank has urged all customers not to be concerned and continue to use their accounts as normal.

Anna McGraw, QUT News.