The Commonwealth Bank of Australia has publicly hit back against voices in the fintech sector advocating to legitimise screen scraping.
The chief executive of the Commonwealth Bank of Australia, Matt Comyn, argued that the activation of open banking should make it redundant. The head of Australia’s largest bank told iTnews that while CBA was very supportive of consumer data right [CDR] and open banking, the safety of customers came first.
The CBA’s use of the warnings to customers, which are triggered when the bank detects account access that is not by the account holder, has incensed some payments technology companies who claim the CBA is trying to frighten customers into not using competitors. Some of the accusations, most of them contained in submissions to the government’s fintech and regtech Inquiry, go as far as to accuse the bank of seeking to hobble competition in the sector to protect its own market share.
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