A rotten run continues: Commonwealth Bank is currently experiencing issues processing transactions with some Visa Cards.
Tagged With commonwealth bank
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.
The Commonwealth Bank, one of several large institutions on the back foot over how they treat customers in the Banking Royal Commission, has revealed that they lost the details of 12 million customers as the result of a contractor losing a stash of tape drives. Those drives contained banking statements for customers from 2004 to 2014.
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.
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.
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.
Android Pay's debut in Australia has been in the works for months and if rumours are to be believed, the service could begin trials as early as this week. Somewhat surprisingly however, just one of the big four will be involved in the launch.
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.
The Commonwealth Bank is piloting a targeted offers program where customers can receive deals directly onto their mobile devices when they're physically in shopping centres. The bank doesn’t want to bug people with deals they don’t like so it has opted for a Tinder-like system to gauge customer preferences.
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.
Commonwealth Bank is generally reckoned to be the market leader when it comes to bank technology deployment in Australia -- but it still managed to spend less on many areas of IT over the last six months than before. Here's where CommBank spends its money on IT services.
Feel like there are too many cards in your wallet? Sydneysiders may soon be able to shrink theirs a little, with the Commonwealth Bank confirming it is actively working to build cards that incorporate the sometimes controversial Opal smartcard for Sydney public transport.
Commonwealth Bank made an $8.3 billion profit last financial year, and its IT systems are generally held to be the best of any major Australian bank. You might not have $1.38 billion to spend on technology, but you can still adopt some of the approaches CommBank uses.
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.
So this is a nifty extra on the soon-to-be-released Samsung Galaxy S5. If you have a Commonwealth Bank or Westpac account, you can use the phone's built-in NFC for fast Tap 'N Pay payments.
The Commonwealth Bank has finally released its latest CommBank app for iOS devices, following its launch on Android and Windows Phone platforms late last year. The new version of the app introduces a host of new features including a redesigned user interface and contactless NFC payments via an optional 'PayTag' sticker.