The chief executive of the Commonwealth Bank of Australia, Matt Comyn, has publicly hit back against calls by sections of the fintech sector to legitimise the controversial practice of screen scraping, saying the activation of open banking should make it redundant.
The head of Australia’s largest bank on Monday stoked the unsightly industry bin fire, telling iTnews that while CBA was “we’re very supportive of consumer data right [CDR] and open banking” the safety of customers came first.
Comyn said that after the CDR goes live mid this year “we’d like to think that after that point in time, screen scraping technologies would no longer be necessary.”
“It seems important to us to not try and go against decades and advice to customers to not share their security credentials with a third party,” Comyn said.
Comyn’s statements indicate there is essentially no chance of the CBA walking back from its position of alerting customers who provide their account and security credentials to third parties to warn them that such disclosures are against the banks security rules and make customers liable for fraud.
The comments echo those of Australia’s former cyber tsar, Alastair MacGibbon, who said legitimisation would send “precisely the wrong message”.
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 firms who claim…