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Generate offers compensation

Hacked KiwiSaver provider Generate is offering to reimburse members for replacement identification documents, or waive their fees.

Thursday, February 20th 2020, 10:28AM 2 Comments

Henry Tongue

It revealed last week that it had been the subject of a data breach affecting 26,000 of its members.

Data including ID documents, tax codes, names and addresses was stolen.

In an email to members, Generate said while it was under no obligation to do so, it had decided to reimburse members for the cost of a replacement photo ID if the photo ID they supplied to it was affected in the data breach and was valid on December 29.

They were told to apply by the end of March.

Those who did not want new documents, or missed the March deadline, would have their annual fee of $36 waived.

"In recognition of the wider impact on other members whose personal information was accessed but whose photo ID was not compromised, we will also extend this waiver of Generate’s member fee for 12 months to them," Generate said.

"The waiver of Generate’s member fee for the next 12 months will be applied to members’ accounts automatically (no action is required from any affected members to receive this member fee waiver).

"To reiterate, the offers that we have noted above are made on an ex gratia basis without any admission of liability and are in addition to the other actions we have taken in response to this incident, including:

"Engaging cyber security experts to immediately secure our online application system and to undertake a broader audit and testing of all of our systems; and engaging IDCARE, an independent identity and cyber security organisation, to provide affected members with specialist advice and assistance. We hope that the offers and steps we have outlined in this ongoing breach response from Generate helps to demonstrate to all of our members how valued you all are to us. In this respect, we will also continue to focus on investment performance, building on our track record to date as one of New Zealand's top-performing KiwiSaver schemes."

 

Tags: cyber security Generate KiwiSaver

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Comments from our readers

On 20 February 2020 at 12:39 pm b p said:
I think Generate need to be more accurate in their explanation here, and journalists should demand more precision.

They describe the"waiver of Generate’s member fee". This is not as described. On their website Generate describe this as an "admin fee". This announcement is designed to look like
Generate members will be paying zero fees for a year. They are not - they will still be paying 1.47% per annum for instance on their Growth Fund.
On 20 February 2020 at 8:51 pm Ron Flood said:
b p. Nothing to see here. Generate could not be more explicit, they are waiving a $36 annual fee. Call it what you like, admin fee, member fee who cares. Any member confused by this obviously isn't paying attention to the offer.
No mention of waiving investment fees, just $36.

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Last updated: 4 August 2020 11:33am

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