- Dec 22, 2009
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I've been a CBA customer right back from when it was the state bank of victoria days / dollarmites accounts etc etc.
I had never had issues until this year either. I've done very thorough research into CBA and I am astonished at what I've discovered. CBA is very vulnerable to card generation fraudsters, anyone with card number, cvv and exp can get around any security measure you put on your account. Both from people I know and also browsing reddit etc. There's got to be someone inside CBA working with card generation fraudsters overseas, that's my assessment.
With advances in computing power & AI this isn't that unrealistic any longer. All one needs is enough computing power and enough merchants that will allow mass force testing of CVV / expiry date combinations usually on a small amount. CBA don't care about stopping these transactions, some simple AI any idiot could knock together would detect these transactions (usually done overseas in odd patterns) couldn't possibly be legitimate.
At that stage, when they get a hit the details are sold on the web and cards are used very quickly before the consumer finds out and shuts it down. Literally within 5 mins of the transactions I had my debit card cancelled altogether. Still, once the transaction goes through they cannot stop it.
Basically, CBA don't invest as much in security measures for debit cards because it is your money, not the banks. If there's a problem their attitude is let the customer deal with the burden and refund it.
I don't like using credit cards but basically have to until I get out of CBA. The advice I got from CBA was disable all transactions apart from tap n go and eftpos payments, always keep a minimal amount of money in bank accounts liinked to debit cards. Basically, an admission by the CBA that their security is appalling.
I can only advise you that the odds you suffer a similar issue are pretty high with CBA and they're not that interested in taking measures to stop it. They've decided that the costs to prevent it are simply not worth the losses they themselves suffer. As for the customer well their attitude is stiff shit.
