#commonwealthbank

[nando161mando]

Sink or swim is what they basically tell us.

[sublimeobservationarcade]

Do Banks Love Scammers?

Banks make lots of money because they have utilised digitisation to streamline their operations. Which in plain speak means they have sacked all their workers and machines do all the work. That automation, however, makes their services vulnerable to scammers who get hold of the pass codes. Do banks love scammers? There are no human gatekeepers to stop the flow of money from one account to another. The banks make their money from countless small fees charged on transactions and accounts. They make their money just as easily from the scammer’s account as they do from yours or mine. “The latest Targeting Scams report has revealed Australians lost a record $3.1 billion to scams in 2022, as government, law enforcement and the private sector look to improve collaborative efforts to support the community in the fight against scams. This is an 80 per cent increase on total losses recorded in 2021.” - (https://www.accc.gov.au/media-release/accc-calls-for-united-front-as-scammers-steal-over-3bn-from-australians#:~:text=ThelatestTargetingScamsreport,totallossesrecordedin2021.)

Does Your Banker Profit From Scams?

A bank used to be a safe place where you could keep your money locked up under the watchful eyes of security chaps with guns. No more! Today, banks are virtual places and your money numbers on a screen. Keeping your money safe is no longer high on a banker’s list of priorities, it seems. These professionals have better things to do in the 21C. Banking is about making money by selling customers financial products. It is about rent seeking via the extraction of fees and charges on the movement of our money. Banks don’t even bother paying interest on the use of our money these days. They only focus on charging interest on bank loans and mortgages. The Commonwealth Bank of Australia made record profits of $10.2 billion in the last financial year. The fact that Australians lost more than half a billion to scammers out of their banks did not overly trouble them, it seems. Not my problem – is the bank mantra in Australia. Personal responsibility is where the buck stops, according to bank spokespeople. “Of more than half-a-billion dollars lost through scams at Australia's big four banks in 2021-22, only $21 million was paid back in reimbursements or compensation.” - (https://www.abc.net.au/news/2023-09-11/anz-reimburses-460k-to-customer-targeted-by-scammers/102816204)

Scamming & Australian Banks

Banks do not like to employ actual human beings in this day and age. Their scam departments are light on for employees to answer the phone in a timely manner. By the time you get through to report a scam or one of their own bank tellers reaches them the scammers have often syphoned all your money out of the country. Sorry does not seem to be the hardest word for Australian banks to say, as they wash their hands of any responsibility in quick order. Customers of ANZ, Westpac, Bendigo Bank, CBA, and NAB all share similar stories when artful scammers steal their identity and their banked funds from out under the very nose of these banking establishments. “Not our problem, sorry.”

Bank Security Measures Not Stopping Scams If the security measures put in place by banks are not working, surely the bank must bear some responsibility for a client’s loss of money by theft. If these pass codes and protocols are not stringent enough, then, things must be tightened up – right? Actually banks want unimpeded flows of money so that they can take their cut on every transaction. Banks want minimal interference from human hands upon these flows of money for several reasons. - They do not want to pay the wages of human beings. - The quicker the flow of money the more often they make their cut. - The larger the volume of transactions the more money the banks make. Convenience has been the replacement for security in the 21C in the business of banking. Automation has delivered the banks mega-profits for decades and they will not reverse this motza willingly. Bank managers and human oversight are a thing of the past in the banking world. It is all numbers on a screen and the extraction of fees and transaction charges on a massive scale. The demise of cash has seen the banks take control of monetary liquidity around the globe and we are all paying for it each and every time we use their products and services.

Do banks love scammers? If we dig a little deeper, will we discover a clandestine relationship between the two? Are there agents at large who have taken the secret knowledge of bank security measures over into the dark territories of the scammers? Somebody knows the ins and outs of banking security protocols and has spilled the beans for something in return. Have banks been remiss in how they have treated their cyber security staff in the past? There are a whole lot of questions to be answered around the scamming of banking clients in Australia and globally. There is a push gaining some momentum to make Australian banks more financially liable for the losses incurred by their customers following identity theft and scams. Banks in the UK do refund their clients far more than here in OZ. “A voluntary reimbursement model was introduced in 2019. Last year, it resulted in banks paying back about 66 per cent of losses to scam victims. The United Kingdom will force banks to compensate scam victims under a world-first scheme that kicks off next year — and Australia could follow suit. New laws in the UK represent a bold experiment to see if making the banking industry liable will drive down enormous losses, by incentivising banks to invest in detection and prevention. In Australia, there has been strong resistance from the banking sector to compensate scam victims despite losses reaching a record of more than $3 billion last year.” - (https://www.abc.net.au/news/2023-07-11/uk-laws-force-to-banks-reimburse-scam-victims-unless-negligent/102563000)

Banks, I think, have to recognise that the digital world is full of holes and that their digitisation has meant they and their customer’s money is vulnerable on this basis. Scammers and cybercriminals are far more organised now and are running operations like corporations. It is no longer good enough to place the onus and all responsibility on the client for the security of his or her money. Banks have a much bigger role to play and the money to fund reimbursement from the mega-profits they continually make. Australians need to demand better from their banks in this regard. Robert Sudha Hamilton is the author of Money Matters: Navigating Credit, Debt, and Financial Freedom. ©WordsForWeb Read the full article

[tgnnewsaustralia]

Commonwealth Bank Home Loan Review: The Best Choice for Your Dream Home

Are you dreaming of owning your dream home in Australia? One of the most important factors in achieving that dream is finding the right home loan. With so many options available, it can be overwhelming to choose which one to go for. Fortunately, the Commonwealth Bank offers a home loan package that may be just what you need. Read the full article

[promoterhost]

Commonwealth Bank Blocks Cryptocurrencies from Coinbase and I am not impressed at all.

[stivconnected]

I think I know what’s going on in here… interior decorating @commbank ? внатрешно уредување #InteriorDecorating #ВнатрешноУредување #CommonwealthBank #stivCONNECTED #НиеСмеМакедонци #StMarksRoadCo #AnotherBranchBitesTheDust #CommBank #ATM #CBA #Welcome #ДоброДојдовте Вторник 15ти Ноември 2022 (at Annandale, New South Wales, Australia) https://www.instagram.com/p/Ck-BbtlrHaB/?igshid=NGJjMDIxMWI=

[mediabooth29]

Thanks to everybody who attended Commonwealth Bank AgQuip 2018. We are still hearing stories from happy exhibitors who did much better than anticipated given the dry conditions. Thanks again to all exhibitors who showed great faith in the event and in Australian agriculture in general. Lets hope the gathering clouds tonight bring good rainfall to the region. Here's a few photos to show how well the event was attended and just how dry it is - see if you can see yourself (Wednesday) or your vehicle! Photos: Barry Smith #AgQuip #AgQuip2018 #drought #droughtseason #gunnedah #liverpoolplains #fieldday #fielddays2018 #fielddays #farm #farmer #farmers #farmersmarket #commbank #commonwealthbank #commonwealthbankofaustralia @commbank @agquip @gunnedah_shire @ausagriculture @thankafarmerforyournextmeal @nofarmers__nofood #thankafarmer #nofarmersnofood @jim.booth @this_is_drought_australia_2018 (at Gunnedah, New South Wales)

[agquip]

The yards are down, tents are empty, pallets are stacked and trucks on their way home after a big Commonwealth Bank AgQuip 2017. Set your dates for next year - 21, 22 & 23 August 2018!

[wokewilder]

3 6 - C O A L // I met this woman yesterday protesting a mining company #ADANI who wants to build the one of the biggest coal mines in the world in Queensland and @commbank is helping fund it rather than renewables. So I asked to take her picture - #switchingbank - #StopAdani #protest #woman #commbank #commonwealthbank #brisbane #city #queensland #photography #photograph #photographer #filmisnotdead #flag #stop

[hisgracekeepsmefloating]

Want to make an easy $100? Been thinking about changing banks? I just moved to #INGDirect for a bunch of reasons (mainly to escape the horrendous fees while with #commonwealthbank) and just got this email! How good is that!? #everyonewins #easymoney . . . . #money #makemoney #bank #bankaccount

[wsl-chelsea]

https://m.facebook.com/commonwealthbank/videos/a-matildas-christmas/455512162645884/

SAM YOU LAZY ASS SHALAJAKALSK LOVE THISSS

[edwardmoorthy]

Australia's largest bank, The Commonwealth Bank of Australia finally announces support for Apple Pay

Australia’s largest bank, The Commonwealth Bank of Australia finally announces support for Apple Pay

This Thursday, The Commonwealth Bank of Australia has announced that it will finally begin supporting Apple Pay starting in January 2019. The announcement is a sweet news for all Apple fans living in Australia as it is one of the “big four” banks in Australia.

CommBank made the announcement in a tweet this evening, saying that Apple Pay will launch for its personal customers in January of 2019.…

[omggadgets]

Australia's largest bank, The Commonwealth Bank of Australia finally announces support for Apple Pay

Australia’s largest bank, The Commonwealth Bank of Australia finally announces support for Apple Pay

This Thursday, The Commonwealth Bank of Australia has announced that it will finally begin supporting Apple Pay starting in January 2019. The announcement is a sweet news for all Apple fans living in Australia as it is one of the “big four” banks in Australia.

CommBank made the announcement in a tweet this evening, saying that Apple Pay will launch for its personal customers in January of 2019.…

[crypscrow]

#dailycryptoupdate #cryptonews #australiascienceagency #commonwealthbank #trial #blockchain #smartmoney #michigan #bans #cryptodonations #ripple #ceo #swift #bitcoin #scammer #hack #twitter #giant #target #ethereum #cofounder #profound #decentralization https://www.instagram.com/p/BqKDj_qAWrE/?utm_source=ig_tumblr_share&igshid=1lnwiburmp7r3

[sogner]

Am I looking up or down? Fascinating HQ offices at #commonwealthbank #sydney (at Commonwealth Bank Of Australia Darling Park)

[sydneynews]

Commonwealth Bank, Martin Place, 1934 & 2017. Photo: K.Sundgren #sydney #history #commonwealthbank http://fat.ly/3sfiD [ Instagram ]

[mediabooth29]

Farmers are looking to the skies this weekend in the hope that predicted rain arrives in large amounts. Among them is Rob Williams of Coona Valley Contractors (left), who was the top bidder for a 7000 litre water cartage tank auctioned at Commonwealth Bank AgQuip today to benefit the CWA Drought Relief Campaign. Donated by Singleton-based Rapid Spray, the tank was sold for $3,100 at the site this morning (Thursday), the final day of AgQuip. Rob Williams says charities like the CWA are doing a great job as the whole community is effected by the drought, and the tank will have a lot work but their other contracting work has dried up. Rob was congratulated on his purchase by Rapid Spray sales manager, Russell Firth (right). #agquip #agquip2018 #rapidspray #coonabarabran #gunnedah #cwa #drought #droughtrelief #droughtreliefappeal #farmer #farmers #watertank #agriculture #commbank #commonwealthbank #charity #charityevent #charitywater #charityauction (at Gunnedah Ag-Quip)