Tagged With commonwealth bank

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This week has seen Australians exposed to a pair of significant incidents that may have led to personal data being disclosed. Earlier this week, we learned that the Commonwealth Bank lost backup tapes containing a decade of bank statement data a couple of years ago pertaining to about 12 million customers. And, this morning, we learned that Twitter had an internal process failure leading to the usernames and passwords of 300 million users being stored in plain text. What can learn from these incidents to inform our won incident response.

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Commonwealth Bank has removed fees for all bank customers that use its automated teller machines (ATMs). This means that members of ANZ, NAB, Westpac-St.George and other banks will no longer be slugged with a $2 cash-withdrawal fee for using CommBank ATMs. Hurrah!

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Banks such as Westpac, NAB, ANZ, and Commonwealth have employed deliberate delaying tactics to arbitrarily make the process of cancelling a credit card more difficult. Australian banks are yet to meaningfully respond to an industry-led report that found there is a serious need for reform in how credit cards are handled, and as we move closer to a cashless society, it's becoming more and more important.

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This week, Australia's four major banks were forced to explain why they are raking in billions of dollars in profit at the expense of consumers to a parliament hearing. They were also grilled about a string of banking scandals in recent years. Here's a summary of what the Commonwealth Bank, ANZ Bank, NAB and Westpac had to say for themselves.

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The Commonwealth Bank of Australia (CBA) has blamed a programming error for approving personal account overdrafts applications that should have been rejected. As a result, the bank has been fined $180,000 by the Australian Securities & Investments Commission (ASIC) for violating responsible lending laws and has been forced to write off $2.5 million in loan balances. Here are the details.

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Companies have finished reporting results for the financial year so it’s time to take stock of how the different business sectors of Australia are fairing and the big picture factors that are at play. Today: Australia's "big four" banks: Westpac, ANZ, NAB and CBA.

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Commonwealth Bank has recently partnered with tech startup Kounta to launch a new comprehensive POS app for its Albert EFTPOS tablet device, providing support for a number of common frontline check out functions. The new app combines the POS needs of many small businesses, providing a one-stop solution for complex business needs. Here's what you need to know about CBA's take on Kounta.

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CommBank Albert is an Android-based point-of-sale tablet that will compete directly with traditional eftpos terminals in Australia. The device's main claim to fame is the ability for merchants to install customised apps for numerous business purposes. Boasting a secure EMV interface for accepting chip and PIN cards, NFC support for contactless payments, Wi-Fi connectivity and an inbuilt receipt printer, it's essentially a "smart" payment terminal that can be adapted on the fly to meet the changing needs of customers.

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CBA customers will soon be able to collect cash from ATMs with a few clicks of their CommBank smartphone app. The ‘cardless’ cash service is the first in Australia and will be rolled out via a new app update in May. The app update will also introduce a new 'Lock and Limit' tool to help customers keep their card secure and rein in their spending.