04 May Australia’s Commonwealth Bank Loses Records of 20 Million Accounts
In a YouTube video last Thursday, the Commonwealth Bank of Australia (CBA) confirmed that it had lost the records for around 20 million accounts, but did not inform its clients.
CBA’s acting head of retail banking services, Angus Sullivan, revealed that they had lost two magnetic tapes containing 15 years of data which included customer names, addresses and account numbers for 19.8 million accounts. While the tapes were sent to be disposed, the bank could not ascertain if they had been destroyed securely.
This comes as the latest blow on the CBA which had already been accused of breaching anti-money laundering protocols and confessed to using outdated medical definitions to refuse health insurance payouts for sick customers.