The Commonwealth Bank is extremely concerned that one of its employees used his knowledge of Bank systems and procedures to commit an elaborate circumvention of the Bank’s controls and commit an act of fraud against the Bank. Some controls have been changed as a consequence to ensure that risk is minimised in future.
The Bank reassures its customers that their funds were never at risk.
The Bank expects to recover funds and is receiving legal advice on the avenues of recovery open to it. At this time, we cannot say anything further.
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