Suntrust customers hit with over $500,000 fines in alleged fraud breach

Customers at a Melbourne-based financial services company may have been unwittingly hit with hundreds of thousands of dollars in fines over alleged fraud breaches.Key points:Spencer Anderson, the CEO of Suntrust, said he was “disappointed” with the outcomeThe company said it was “deeply sorry” about the issuesSuntrust said it has taken the necessary steps to improve…

Published by admin inJuly 9, 2021
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Customers at a Melbourne-based financial services company may have been unwittingly hit with hundreds of thousands of dollars in fines over alleged fraud breaches.

Key points:Spencer Anderson, the CEO of Suntrust, said he was “disappointed” with the outcomeThe company said it was “deeply sorry” about the issuesSuntrust said it has taken the necessary steps to improve its processes and proceduresThe fines are being imposed in the aftermath of an investigation by the Victorian Government and the Victorian Competition and Consumer Commission (VCCC) into a $5 million alleged breach in September last year.

Suntrust customers in Melbourne and the ACT were told they were being fined over the breach.

However, the company has now said it is “deep, deeply sorry” for the issues raised.

“It’s unfortunate that the outcomes were not as we had hoped,” Spencer Anderson, CEO of the company, told ABC Radio Melbourne.

“We’ve taken the appropriate steps to address them, to address the concerns raised and to make sure we have processes and processes in place to resolve these issues.”‘

I was not involved in any breach’Suntrust is the third financial services provider to be fined over its alleged breach of consumer law.

In October, the Australian Competition and Telecommunications Commission (ACTC) fined the company $250,000 over alleged breaches of the Telecommunications Act.

The Victorian Government said it had received more than 2,000 complaints from Suntrust’s customers over the breaches.

SunTrust said the majority of its customers were satisfied with the outcomes.

“Suntrust has made great strides to address customer concerns and it’s been a great learning experience for our customers and employees,” Mr Anderson said.

“This has been a very difficult time for us and we’re sorry for the inconvenience it has caused.”

I will always be here to support and help customers as we move forward.

“Mr Anderson said the company was taking the appropriate measures to address concerns raised by its customers.”

All customers are entitled to an easy, safe and professional financial service, and that includes Suntrust,” he said.’

I’m not in a position to comment’Sunpower said it would review its processes to ensure they were compliant with the legislation.”

These measures will be rolled out across all of our businesses and will take time to implement,” the company said in a statement.

Topics:consumer-finance,consumer-protection,consumer,business-economics-and-futures,finance-and/or-markets,corporate,consumer—business,solutions-and_alternatives,corporation,victoria-6570Contact: Mark RennieMore stories from Victoria

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