ANZ, NAB wail their crap data blues to ASIC

The wave of digital transformation sweeping across Australia’s big banks will not be capable of electronically absorbing a revamp of responsible credit rules floated by the Australian Securities and Investments Commission (ASIC) for years to come.

And some of the suggested reforms could even open-up new fraud vectors that leave consumers liable for losses, as well as breaching existing payment security codes while pushing credit worthy consumers into the hands of…

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