Commonwealth Bank admits to losing statements

Company News

by Rachael Jones

The Commonwealth Bank of Australia (ASX:CBA) has confirmed it lost the financial statements of almost 20 million accounts, but insists its customers' account security has not been compromised.

The company says their platforms, systems, services, apps and websites were unaffected and that no action is required by customers.

They refer to an incident back in May 2016 where tapes with customer’s statements on were destroyed.

An independent forensic investigation conducted by KPMG determined the tapes had most likely been disposed of.

Ongoing monitoring of the 19.8 million customer accounts remains in place as a precaution.

The Commonwealth Bank's acting head of retail banking describes the incident as 'unacceptable'.

Shares in the Commonwealth Bank (ASX:CBA) are up 0.74 per cent to $74.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.