Australia's biggest bank Commonwealth Bank has admitted losing the bank records of almost 20 million people.That information made public Thursday means names, addresses, account numbers and statements, which were stored on two magnetic tapes. They were supposed to be destroyed by Fuji Xerox in 2016 after the decommissioning of a data center.
The bank did not tell customers there was a potential problem and could not confirm that the tapes containing 15 years of data, from 2000 to early 2016,and can’t confirm it had been destroyed securely. It added "the tapes did not contain passwords, PINs or other data which could be used to enable account fraud". The nation’s prime minister called the breach “an extraordinary blunder”.
“It’s hard to imagine how so much data could be lost in this way. If that had happened today, the bank would have to advise each of their customers,” Turnbull added. CBA’s announcement was made in a YouTube video by a senior bank executive. By mid-afternoon, the video had been viewed 3,798 times. CBA has also other problems. It had been accused in a federal lawsuit of breaching anti-money laundering protocols more than 50,000 times and was ordered to keep an extra A$1 billion ($750 million) in cash reserves as punishment for the alleged money laundering breaches. CBA shares are down about 7 percent this year.