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Telstra has been slapped with a $1.5 million penalty for putting customers at risk of being scammed and falling victim to fraud. Telecommunications companies are required to verify identities before certain high-risk actions are performed — but the communications watchdog found it failed to do so more than 150,000 times.
“While there is no direct evidence anyone suffered losses because of these breaches, customers need to be able to trust that their telcos are protecting their accounts from fraud,” Yorke said. “It is unacceptable that Telstra did not have proper systems in place when the rules came into force.” Telstra has committed to having an independent consultant review its compliance with customer ID rules and make improvements where needed.
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