Although not saying 'yes,' the Commonwealth Bank has not ruled out the possibility of compensation for indirect losses arising from last night's outage.

Commonwealth Bank is blaming a "network outage" for last night's 4 hour disruption to banking services.

The Commonwealth bank last night experienced a major computer outage affecting NetBank, ATMs and EFTPOS.

Leading Australian banks have blocked thousands of customer credit cards after a potential security breach was uncovered. While the banks have gone secret squirrel about which merchant or network was to blame, an eftpos terminal in a small business is understood to be at the root of the problem.

Commencing in the past few days, all stores in the Woolworths group have banned the use of debit Visa and Mastercard transactions. This will lead to an increase in transaction fraud and greater costs to the consumer.

A variety of banks are now reporting impact from the 2016 bug, along with phones based on the Windows Mobile platform.

Twitter founder Jack Dorsey has launched a new venture, Square, that is claimed to enable anyone to accept credit card payments via an iPhone with no contracts, no monthly fees and minimal set up time.

Recent reports of EFTPOS fraud in a number of McDonald's stores across Perth leave me somewhat perplexed regarding the protection of the payment system with the stores.

Transaction Network Services is launching a new broadband EFTPOS and ATM network service in Australia called TNSLink that, it says, will significantly reduce day to day operational costs associated with retail EFTPOS and ATM terminals by allowing them to be connected via any broadband Internet access service.

Despite concerns emanating from the US about the security of ATM/EFTPOS networks, the relevant industry body claims best practices are applied in Australia. There have been no reports of such attacks in Australia, said a spokesperson.