Original article by James Eyers
The Australian Financial Review – Page: 15 & 20 : 18-Nov-19
Raiz Invest has criticised the Commonwealth Bank of Australia for warning customers about the security risks associated with the use of fintech apps. CBA customers who use the Raiz app recently received a warning that their NetBank account had been compromised, and cautioned against sharing account log-in details with third parties. Raiz CEO George Lucas says the CBA alert was misleading and may even constitute an abuse of market power. Fintech Australia’s Rebecca Schot-Guppy says CBA’s actions are concerning given that the open banking regime is slated to begin in early 2020.
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, RAIZ INVEST LIMITED – ASX RZI, FINTECH AUSTRALIA PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, ZIP CO LIMITED – ASX Z1P, AMP LIMITED – ASX AMP, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB