Circles.Life Fined $413K for Identity Verification Failures:

Circles.Life has been hit with a record $413,160 fine by the Australian Communications and Media Authority (ACMA) for failing to verify customer identities before transferring mobile numbers. The breach allowed scammers to hijack numbers and steal at least $45,000 from victims’ bank accounts between January and February 2024.

This is the second such breach by Circles.Life, following a $199,800 fine in 2022. The company blamed third-party agents but accepted responsibility and has pledged to compensate affected customers.

Circles.Life is exiting the Australian market, transferring users to Amaysim, but remains bound by a court-enforceable undertaking.

Source: https://www.acma.gov.au/