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Commonwealth Bank of Australia to suggest models for Australia-wide digital ID oversight

Thursday 18 February 2021 10:39 CET | News

The Commonwealth Bank of Australia (CBA) has suggested that Australia’s digital ID system oversight is best left to existing, broad-based regulators and, where possible, industry self-regulation.

The Digital Transformation Agency (DTA) has been working on Australia's digital identity system for several years, going live with the myGovID and accrediting an equivalent identity service from Australia Post in 2020. According to Zdnet, there has been conversation around extending digital ID to allow the private sector and state government entities to develop their own platform, still legislation is required to allow such participation.

The DTA has been consulting on how to best shape the legislation, proposing an oversight body to provide governance of the digital identity system, but the CBA suggested that oversight is best left to existing, broad-based regulators and, where possible, industry self-regulation.

According to the bank, the Office of the Australian Information Commissioner is best placed to review matters relating to privacy, while the Australian Cyber Security Centre is best places to assist victims of cybercrime, and so on.

Furthermore, CBA believes that because certain consumers will potentially interact with different providers the ‘proliferation of regulators in the data economy would likely create confusion in the minds of citizens and increase barriers to redress’, ZDnet added.


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Keywords: Commonwealth Bank of Australia, CBA, digital identity, myGovID, data privacy, data security
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: Australia
This article is part of category

Securing Transactions