Security Breach 101: Almost 20 million bank account records lost by Australia's largest bank

From today's Age newspaper...."Commonwealth Bank has admitted it lost historical bank statements belonging to almost 20 million personal accounts in a 2016 incident it chose not to make public.It's understood two magnetic tapes that contained customer statements were scheduled for destruction by the bank when they disappeared in May 2016.

The Commonwealth Bank decided not to tell its customers about the 2016 breach.
The Commonwealth Bank decided not to tell its customers about the 2016 breach.

The tapes contained customer names, addresses, account numbers and transaction details from 19.8 million accounts spanning 2000 to early 2016. They did not contain passwords, PINs or other data which could be used to enable account fraud, CBA said in a statement on Wednesday night.

"An independent forensic investigation ordered by CBA in 2016 and conducted by KPMG determined the most likely scenario was the tapes had been disposed of. The bank immediately put in place monitoring mechanisms to further protect customers."As Fairfax Media understands, CBA believes a person handling the sensitive tapes that were scheduled for destruction instead left them unattended, and did not go through with destroying them."The case for not entrusting financial institutions with personal details could not be stronger....as also trying to keep as much about oneself private, and secure,Security Breach 101: Almost 20 million bank account records lost by Australia's largest bank by using LifeBank.