Latest news with #AustralianCompetitionandConsumerCommission
Finextra
2 hours ago
- Business
- Finextra
NAB charged $751,000 in penalties for breaching consumer data protection rules
National Australia Bank (NAB) has paid A$751,000 in penalties after being issued four infringement notices from the Australian Competition and Consumer Commission (ACCC) for not complying with the Consumer Data Right (CDR) Rules. 0 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. NAB was accused of not disclosing, or accurately disclosing, credit limit data in response to four separate requests from different CDR providers. In order for consumers to remain protected, CDR requires financial institutions to ensure consumer data is accurate, complete, and up-to-date, and to be transparent in how they manage consumer information. By not providing accurate information on credit card limits, NAB impacted the services that fintechs provided to consumers using CDR data. ACCC deputy chair Catriona Lowe commented: 'Poor data quality prevents consumers from experiencing the full benefits of the CDR. When banks or energy retailers don't provide accurate data, consumers can't take advantage of CDR products and services to compare products, find better deals, manage their finances or make informed decisions about product switching,' The penalties from NAB are the highest paid for allegedly infringements for contraventions of CDR rules so far. The bank fully cooperated the ACCC's investigation.
SBS Australia
11 hours ago
- SBS Australia
Australians warned of new 'spoof call' scam impersonating consumer watchdog
Australians are being warned that scammers are reportedly spoofing phone numbers belonging to the Australian Competition and Consumer Commission (ACCC) in an attempt to steal personal information. The National Anti-Scam Centre, which operates under the ACCC, issued a warning after it became aware of scammers using ACCC phone numbers, which are listed on the agency's official website. Here's what you need to know about the latest scam, how to spot it, and what to do if you are targeted. The scammers are reportedly using the phone numbers to pretend to be representatives of the ACCC and request personal information from unsuspecting recipients. According to the National Anti-Scam Centre, the numbers have been "spoofed", and the ACCC does not make calls from the publicly listed numbers. ACCC deputy chair Catriona Lowe said: "Spoofing is when scammers disguise their phone number to make it look like they're calling from a trusted organisation — including government agencies like the ACCC — to deceive people into answering and sharing personal information." "This is a tactic that helps scammers hide their true identity while posing as trusted institutions — it's designed to lower your guard." If a call or message feels suspicious, the ACCC recommends ending the call and contacting the agency directly to verify the information. In some of the reported incidents, scammers requested sensitive information over the phone, misused the ACCC acronym to impersonate an unrelated organisation, or spoke in a language other than English. The ACCC says it will never 'cold' call or email consumers and ask for personal information such as passwords, bank details, or answers to security questions. The ACCC also does not charge money for its services and does not threaten or pressure you to stay on the line. If a caller does any of these things, it could be a scam. The ACCC suggests hanging up and reporting the incident. The National Anti-Scam Centre also said 'urgent' requests asking people to 'act immediately' could be a sign of a scam. If you receive an unusual call, message or email, consider whether it could be fake — even if it appears to come from an organisation you know and trust. The ACCC advises if something feels wrong, it is best to act quickly. End the call, and contact the organisation directly yourself to verify if the call was real or not. Any scams should be reported to ScamWatch, and messages received on platforms like WhatsApp or iMessage should also be reported. If you have provided personal information, contact IDCARE on 1800 595 160 and contact your bank immediately.
West Australian
14 hours ago
- Business
- West Australian
National Australia Bank fined over data-sharing scheme
One of Australia's big four banks has been fined more than $750,000 over the use of data in an economy-wide system. The National Australia Bank was issued infringement notices by the competition watchdog over breaches of data rules. NAB has avoided admitting to breaking the rules but has now paid the $751,200 fine over the four breaches. The issue stems from NAB's interactions with the economy-wide Consumer Data Right (CDR) data sharing scheme. 'Poor data quality prevents consumers from experiencing the full benefits of the CDR,' Australian Competition and Consumer Commission deputy chair Catriona Lowe said. 'When banks or energy retailers don't provide accurate data, consumers can't take advantage of CDR products and services to compare products, find better deals, manage their finances or make informed decisions about product switching.' The bank co-operated with the consumer watchdog's inquiry and has rectified the issues. The Consumer Data Right gives consumers the right for their data to be safely transferred between data holders and accredited persons, making price comparisons based on up-to-date and correct data easier. The system began in the banking sector in mid-2020 and for energy retailers in late-2022. In the second half of 2024, 530,000 people used the system for a total of 582 million data requests. In mid-2026, non-bank lenders will become part of the system. Ms Lowe said the banks had several years to understand their CDR obligations. NAB's breaches relate to disclosure or accurate disclosure of credit limit data to different CDR providers on behalf of consumers. 'NAB has made a significant investment to deliver the complex CDR requirements as well as investing resources to develop our capabilities to deliver new innovations,' a NAB spokesperson said. 'We have fully co-operated with the ACCC's review and have resolved the data quality error identified. 'We appreciate and recognise the importance of ensuring we are meeting the standards necessary and expected under the regulations.'
Perth Now
14 hours ago
- Business
- Perth Now
Major bank fined over data issues
One of Australia's big four banks has been fined more than $750,000 over the use of data in an economy-wide system. The National Australia Bank was issued infringement notices by the competition watchdog over breaches of data rules. NAB has avoided admitting to breaking the rules but has now paid the $751,200 fine over the four breaches. The issue stems from NAB's interactions with the economy-wide Consumer Data Right (CDR) data sharing scheme. 'Poor data quality prevents consumers from experiencing the full benefits of the CDR,' Australian Competition and Consumer Commission deputy chair Catriona Lowe said. National Australia Bank called the data requirements 'complex'. NewsWire / Gaye Gerard Credit: News Corp Australia 'When banks or energy retailers don't provide accurate data, consumers can't take advantage of CDR products and services to compare products, find better deals, manage their finances or make informed decisions about product switching.' The bank co-operated with the consumer watchdog's inquiry and has rectified the issues. The Consumer Data Right gives consumers the right for their data to be safely transferred between data holders and accredited persons, making price comparisons based on up-to-date and correct data easier. The system began in the banking sector in mid-2020 and for energy retailers in late-2022. In the second half of 2024, 530,000 people used the system for a total of 582 million data requests. In mid-2026, non-bank lenders will become part of the system. Ms Lowe said the banks had several years to understand their CDR obligations. NAB's breaches relate to disclosure or accurate disclosure of credit limit data to different CDR providers on behalf of consumers. 'NAB has made a significant investment to deliver the complex CDR requirements as well as investing resources to develop our capabilities to deliver new innovations,' a NAB spokesperson said. 'We have fully co-operated with the ACCC's review and have resolved the data quality error identified. 'We appreciate and recognise the importance of ensuring we are meeting the standards necessary and expected under the regulations.'
Business Times
a day ago
- Business
- Business Times
NAB pays A$751,200 penalty on breaches of consumer data rights rules
AUSTRALIA'S competition watchdog said on Thursday that the National Australia Bank had paid a fine of A$751,200 (S$629,000) over alleged breaches of consumer data right rules due to failures to disclose credit limit data. The penalty, which is the highest ever for alleged breaches of Consumer Data Right (CDR) rules, was issued after the Australian Competition and Consumer Commission (ACCC) issued the lender four infringement notices. The notices relate to alleged failures to accurately disclose credit limit data in four separate requests from different CDR providers on behalf of consumers. The CDR is an economy-wide data sharing programme that helps consumers safely share the data that businesses hold about them, and helps consumers to compare products and services, among others. The failure to disclose information on credit card limits impacted the services of several fintech companies provided to consumers, including some fintech companies that offer mortgage broking tools using CDR data, ACCC said in a statement. NAB has 'fully cooperated with the ACCC's review and has resolved the data quality error identified', the lender said in an emailed statement. REUTERS
