Tech & Science : The Commonwealth Bank is scaring customers away from its competitors, claiming their money is at risk if they go elsewhere - - PressFrom - Australia
  •   
  •   

Tech & Science The Commonwealth Bank is scaring customers away from its competitors, claiming their money is at risk if they go elsewhere

01:50  19 november  2019
01:50  19 november  2019 Source:   businessinsider.com.au

Reg-tech startup SimpleKYC is eyeing off global markets for its AML compliance solution

  Reg-tech startup SimpleKYC is eyeing off global markets for its AML compliance solution As financial services become increasingly digitised, the need for regulatory technology (regtech) solutions and compliance software has grown rapidly in Read More The post Reg-tech startup SimpleKYC is eyeing off global markets for its AML compliance solution appeared first on Stockhead.

CommBank offers personal banking , business solutions, institutional banking , company information If you’re in a bushfire affected area in NSW or Qld you may be able to claim financial assistance. Keep your money working even when you’re not. Lock in a fixed rate of return for up to five years.

The sorts of risks the Commonwealth Bank might face as a result of climate change are diverse, said David Barnden, a lawyer at Environmental Justice Reputational risks for the bank as the economy moves away from fossil fuels could also be significant, Barnden said, with the shareholders raising

a close up of a person eating food: CBA is warning customers away from potential competitors (Photo by Romy Arroyo Fernandez, NurPhoto via Getty Images) CBA is warning customers away from potential competitors (Photo by Romy Arroyo Fernandez, NurPhoto via Getty Images)

Commonwealth Bank has been accused of "at worst" abusing its market power after warning customers using fintech wealth products their money is at risk because of security concerns.

The financial technology industry says the alerts are misleading and damage the government's plans to increase competition in the banking sector through open banking.

Thousands of customers of Raiz Invest who bank with CBA received warnings from the bank last week telling them their NetBank had been accessed. Rais Invest is a savings app with 200,000 users. “We want to make you aware that sharing your log on details may be putting your money at risk as it provides the third party with access to your accounts,” said one alert seen by The Australian Financial Review.

Apple Watch detects irregular heartbeats in U.S. study

  Apple Watch detects irregular heartbeats in U.S. study Apple Watch detects irregular heartbeats in U.S. studyCHICAGO (Reuters) - Apple Inc's Heart study, the largest yet to explore the role of wearable devices in identifying potential heart problems, found the device could accurately detect atrial fibrillation, the most common type of irregular heartbeat, U.S. researchers reported on Wednesday.

EJA hopes that if they win, this will set a precedent, forcing other companies to be more forthcoming about their exposure to climate risks . What does Commonwealth Bank say? The bank flatly rejected the claim , saying its 2016 annual report was fully compliant with statutory reporting obligations.

Commercial banks are businesses that trade in money . They receive and hold deposits, pay money according to customers ' instructions, lend noney, etc. Banks make a profit from the spread or differential between the the interest rates they pay on deposits and those they charge on loans.

The fintech industry rejected this as CBA scaremongering and using security as a guise to support its own products.

ASX-listed Raiz, which has $350 million in funds under management, asks customers to provide their banking log-in and password because it requires customers' banking data to provide its service – allowing users to round up spare change and invest it in exchange-traded funds.

Raiz chief executive George Lucas said the CBA message was “at best, misleading, and, at worse, an abuse of market power”.

A CBA spokesperson said the bank regularly sent alerts "to ensure the security and safety of their accounts and their information".

"Password sharing increases the risk of that data being compromised and misused," the spokesperson said.

CBA pleads guilty to criminal breaches

  CBA pleads guilty to criminal breaches The Commonwealth Bank is pleading guilty to selling life insurance to customers through unsolicited phone calls.At the Downing Centre in Sydney, the country's biggest bank on Tuesday said it would enter the plea to 87 charges relating to "hawking" of life insurance in late 2014, delivering a win to the Australian Securities and Investments Commission (ASIC).

Most of the money goes to big, rich farmers producing staple commodities such as corn and soyabeans Opposition to spending is muted; few voters realise how much of their money is given to farmers While it may be possible to stop some landowners from claiming payments, they will adapt

Many people do not realize that a big part of insurance is finding the insurance company that is most appropriate for your needs. If you are dealing with a captive insurance agent, you may be at a disadvantage because they may not have this information at hand.

It is understood CBA has sent similar messages to some customers of MoneyBrilliant, which is owned by AMP, and Pocketbook, which is owned by ASX-listed Zip Co, whose customers began receiving the warnings in June.

The main companies providing fintechs with a "screen scraping" service – collecting screen display data from one application and making it available for another application – are Yodlee, an American software giant; Illion, which bought Adelaide-based Proviso's BankStatements service; and Sydney-based Basiq, in which Westpac and National Australia Bank have an equity stake. None of these companies has had security breaches putting local customer data at risk.

Customers of Raiz, which uses Yodlee, were told to reset their password “to keep your accounts safe” and were told to enter log-in details only “using CommBank services directly”.

It is understood no other major bank has alerted customers about similar concerns. CBA has created its own small-amount ETF investment product, CommSec Pocket.

'Can you transfer money from Venmo to PayPal?': Not directly, but you can use your bank account — here's how

  'Can you transfer money from Venmo to PayPal?': Not directly, but you can use your bank account — here's how You can't transfer money from Venmo to PayPal directly, but you can use a bank account to do so. The process requires a few extra steps, and a PayPalCash or PayPalCash Plus account, but they're easy to set up.But it's not a terribly hard thing to make happen either. You'll just need a single bank account linked to each service, and a PayPal Cash or PayPal Cash Plus account to get started.

Operational risk is the risk that comes from within. These are the decisions you, as a bank , make internally that mess up yourself, and those employee decisions made on a day­-to Banks are at the whims of the markets. When the markets do not behave properly, banks lose money on their assets.

In August, it accused the Commonwealth Bank of Australia (CBA) of discouraging customers from sharing their banking password with the It appeared the bank was blocking Acorns' financial data aggregation provider Yodlee as it tried to access the data of CBA customers who were also Acorns

Raiz's Mr Lucas said: “The only conclusion we can reach about CBA’s recent customer communications is that it’s deliberately designed to scare them away from other financial services companies, such as Raiz Invest, and as such is a poorly disguised attempt to protect its market share.

“CBA customers and ASIC should be concerned that CBA is constantly monitoring their customer data and interaction with other financial services and products providers and implementing strategies to encourage them to switch from or cancel such services.”

CBA sent similar messages to customers of Raiz – which initially was known as Acorns - in 2016. Raiz, which listed on the Australian Securities Exchange last year, has a market capitalisation of $45 million, compared with CBA's $145 billion.

Raiz told its CBA customers last week the claim its service was putting funds at risk was not true. “We protect the data you share with us, whether on our website or our app, with 256-bit encryption. That’s the same level of encryption used by all the top Australian financial institutions,” it said.

National Australia Bank will no longer lend to businesses breaching animal welfare standards

  National Australia Bank will no longer lend to businesses breaching animal welfare standards National Australia Bank is the first of the big four banks to crack down on poor treatment of animals by implementing animal welfare principles that will guide future lending decisions. The principles apply to any businesses involving animals and were announced as part of the 2019 NAB Sustainability Report, which sets out the major bank's performance and approach to animal welfare and environmental issues.In a statement, a NAB spokesperson said it understood the agricultural industry was a fundamental part of Australia's economy and maintaining its integrity was critical to its long-term sustainability.

Commonwealth Bank allegedly failed to act on suspicions that its network of “intelligent” deposit machines was being used by drug syndicates to The Austrac acting chief executive, Peter Clark, said businesses were at risk of being misused for criminal purposes if they failed to have proper money

I dread going to that bank it is a unpleasant experience if you don't want my money fine, I have a Bendigo account as well Hands down Commonwealth Bank is the best option, if you are ever facing financial issues you can I will tell all my friends and families stay away from commonwealth bank .

Industry sources said CBA could protect its customers while allowing fintechs to operate by identifying legitimate companies seeking to access customer accounts via their IP addresses and filter out malicious hits by criminals seeking to steal funds.

CBA's warnings contradicted public statements by chief executive Matt Comyn that the bank would work more collaboratively with start-ups, industry insiders said.

Open banking concerns

Open banking will offer an alternative to screen scraping by allowing customers to send their data to third parties via a scheme regulated by the Australian Competition and Consumer Commission. However, screen scraping will continue to be available as an option to access customer data.

FinTech Australia said CBA’s conduct was concerning ahead of open banking, scheduled to begin in February, because the success of the regime required trust to be built up between incumbents, fintechs and customers.

“With open banking’s launch just months away, this example sets the wrong tone and undermines the overall objective of using new technologies to benefit the consumer,” said Rebecca Schot-Guppy, general manager of FinTech Australia.

“Much like every major technology company, banks have to balance security with accessibility. Security is paramount, but to limit opportunity in spite of it isn’t the way forward," she said.

Westpac urged to consider the future of its leadership team

  Westpac urged to consider the future of its leadership team Politicians across the aisle are calling on Westpac to consider the future of its leadership team after the bank was accused of 23 million breaches of anti-money laundering and counter terrorism finance laws. CEO Brian Hatzer said he was "disgusted and appalled" by the breaches, but rejected claims the board was indifferent to the risks that triggered them.Mr Hartzer confirmed he did not intend to resign, but Prime Minister Scott Morrison said the bank needed to reflect on its misconduct.

Banks use the monies that their customers deposit to make a larger base of loans and thereby create money . Since their depositors demand only a portion of their deposits every day, banks keep only a portion of these deposits in reserve and lend out the rest of their deposits to others. Key Differences.

Present Banking Industries expects that Bank ’s equity holders will receive value along with profit of their shares; depositor’s money will remain safe and organization as a whole The primary objective of internal control system in a bank is to help the bank perform better through the use of its resources.

Zip's chief strategy officer Tommy​ Mermelshtayn said "if banks today discourage customers from using fintech services that access bank data, customers will not adopt open banking when it finally arrives, and many of the fintechs that would enable competition will move to other markets”.

“In the lead-up to open banking, incumbents that have the most to lose are feeling emboldened to discourage customers from using fintech services that access banking data via other means," he said.

"This places at risk important services that many consumers are using on a daily basis, such as personal financial management tools.”

The CBA spokesperson said the bank was "very supportive of the open banking plan to provide access to data in a secure and practical manner which does not compromise customers' information by sharing passwords".

"Cybersecurity is a major issue and, unfortunately, the increase in online fraud underlines the need for everyone to take great care of their data and account security."

Whether customers can share credentials is a legal grey area, given the wording of the e-payments code, which is administered by the Australian Securities and Investments Commission. The code is being reviewed and the fintech industry hopes a revised version will allow password-sharing with legitimate fintechs.

Sharing BSB and account numbers via email or SMS creates security risks because those numbers can be used to extract funds from an account if a fraudulent direct debit authorisation is created.

This article was originally published by the Australian Financial Review. Read the original here, or follow the AFR on Facebook.

Westpac cut from first home loan scheme .
Scandal-plagued Westpac was set to be one of the two major banks to offer mortgages under the federal government's first home loan deposit scheme. Only National Australia Bank has been announced as one of the major banks for the scheme, which allows low- and middle-income earners to get financing without a large deposit. require(["inlineoutstreamAd", "c.

—   Share news in the SOC. Networks

Topical videos:

usr: 9
This is interesting!