National Australia Bank (NAB) Fined AUS$751,200 Over Data Right Breaches

NAB has been fined a significant sum of AUS$751,200 following infringement notices issued by the Australian Competition and Consumer Commission (ACCC). The notices stem from alleged data breaches relating to credit limit disclosures made on behalf of consumers.

The ACCC’s notices highlight NAB’s failure or inaccuracy in disclosing credit limits in response to requests from four CDR-accredited providers. This highlights a critical issue in the implementation of the Consumer Data Right (CDR) rules.

According to the ACCC, poor data quality is detrimental to consumers and can prevent them from fully benefiting from the CDR programme. Inaccurate or incomplete data shared by financial institutions like NAB limits consumers’ ability to use comparison tools effectively. This, in turn, impacts their capacity to make informed decisions about their finances.

NAB’s non-compliance also affected fintech services that rely on accurate credit limit information for functionalities such as mortgage broking. Tools developed by these providers enable consumers to manage their financial data securely and efficiently.

NAB’s payment of the fine marks a notable incident under the CDR rules, reflecting the severity of penalties for non-compliance.

NAB’s Recent Initiatives

In February 2025, NAB launched a new scam warning system as part of its digital security measures. The real-time alerts are integrated into both the NAB App and Internet Banking platforms to warn users about potential scams like invoice fraud, investment fraud, romance scams, and other common fraudulent activities.

The alerts encourage users to review transactions carefully before making payments, thereby enhancing overall financial safety for customers.