Your info is safe say banks

The Australian Bankers’ Association (ABA) has responded to complaints from the Finance Sector Union, Senator Nick Xenophon and Senator Steve Fielding about customer information being sent overseas for processing and storage.

David Bell, Chief Executive of the ABA, said: "Confidentiality of customer information is at the core of a successful banking operation. The ABA is confident that banks take appropriate measures to protect customer information, regardless of whether or not some processing functions are undertaken offshore or whether they are all done in Australia."

"It is up to individual banks as to how they manage their systems and data, but it is important to recognise that banks not only have a legal obligation to secure personal information that they collect from their customers but that they also have a very strong commercial incentive to ensure customer information is properly protected.”

Source: ABA