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Commonwealth’s $50 payout to 150,000 Aussies

<p>It was an outage that only lasted a few hours but it has cost the Commonwealth Bank of Australia an estimate of $7.5 million after some customers were left without payments through the weekend. </p> <p>The major bank has issued an apology in the form of $50 to up to 150,000 customers impacted by the outage along with a simple message in the transaction details. </p> <p>“Sorry from CBA,” it read. </p> <p>The issue primarily affected money and transfer online services for 12 hours during Thursday night but CBA said it was back up and running Friday. </p> <p>However, tens of thousands of customers went without payments through the weekend. </p> <p>“Following the outage impacting our systems in recent days, we have made significant progress in processing the outstanding payments,” a spokesperson from the company said in a statement.</p> <p>“We now believe funds should be in customer accounts. If customers have any issues or questions regarding their payments they should contact our call centre or visit us in branch so we can assist.</p> <p>“We are now refunding fees and charges associated to the network issue on Thursday for our customers who were impacted by this issue.”</p> <p>“If a customer is approached for their account details they should not provide this and the customer should let us know by phoning our call centre or visiting us in branch,” the spokesperson said.</p> <p>“We apologise to everyone who has been affected by the delay in payments and we are very sorry for the inconvenience it has caused.”</p>

Money & Banking

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Government issues urgent warning about unauthorised transaction

<p>The Government has issued an urgent warning for Australians to be on the lookout for unauthorised bank transactions, which can leave your money vulnerable.</p> <p>The Australian Security and Investment Commission’s (ASIC) <a href="https://www.moneysmart.gov.au/" target="_blank"><strong><span style="text-decoration: underline;">Money Smart</span></strong></a> resource says an unauthorised transaction is most commonly caused by the following:</p> <ul> <li>Incorrectly typing the BSB or account number.</li> <li>Having the wrong information provided to you.</li> <li>Selecting the wrong payee.</li> </ul> <p>It’s important to be aware that there are some circumstances when you can expect your money to return, and others when you might not be able to get it back.</p> <p><strong>You are likely to get your money back if:</strong></p> <ul> <li>A forged, expired, faulty or cancelled PIN/password or card was use</li> <li>There was fraudulent conduct by employees of your account institution or merchant</li> <li>The transaction took place before you received your card or PIN/password</li> <li>A merchant incorrectly debited your account more than once</li> <li>The transaction took place after you told your account institution that your card was lost or stolen or that someone else may know your PIN or password</li> <li>It's clear that you haven't contributed to the loss</li> </ul> <p><strong>You are unlikely to get your money back if:</strong></p> <ul> <li>You have acted fraudulently.</li> <li>You didn't keep your PIN or password secret.</li> <li>You unreasonably delayed telling your account institution that your card was lost or stolen or that someone else may know your PIN or code</li> <li>You accidentally left your card in an ATM</li> </ul> <p>Have you ever lost money due to an unauthorised transaction?</p> <p><em>Source: MoneySmart</em></p>

Money & Banking

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