Bank accounts to be protected following data compromise in Victoria

Thursday 22 September 2011

Article by Mozo

Following data breaches at two merchants in Victoria, a number of banks have revealed that they are taking steps to protect the bank accounts of their customers.

Data compromises prompts reissue of credit cards

According to the Australian Bankers' Association (ABA), some have been blocked to prevent any potential impact, while others are being monitored to check for any suspicious transactions.

Some debit and credit cards have also been cancelled and reissued to ensure there are no further compromises.

Steven Munchenberg, chief executive of the ABA, commented: "Bank customers will not be out of pocket if there are fraudulent transactions on their accounts that they did not authorise. Banks will refund those losses."

He urged customers to check on their statements and to report anything they are unsure about to their banks.

This comes less than a fortnight after Mr Munchenberg asserted that banks in Australia are relatively safe, particularly with the financial claims scheme adding an "additional layer of insurance".

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