AUSTRALIA’S banking system has been hit with a crippling cyberattack that could threaten the stability of the entire financial system.

Key points:The bank that is the target of the attack, known as the Australian Payments Corporation, is one of the largest in the world and employs more than 1,500 peopleThe cyberattack has affected thousands of accounts and affected bank accounts, affecting the value of some assets and the viability of many of the companies that rely on them.

“We’ve seen a significant impact on our businesses, but also a significant number of our customers,” AUSTRAC chief executive Chris Hill said.

“And we’re working with the banks to work out how best to restore our businesses to normal.”

Mr Hill said the Australian Financial Services Association (AFSA) was helping to provide a range of services for customers affected by the cyberattack, including assistance with online banking and mobile phone payments.”AFSA will provide all customers who have had an account impacted by this cyberattack with a full refund,” he said.

The AFSA is also working with affected banks to provide assistance to customers.

“All of our members will be contacting affected customers to let them know how to contact their bank,” he added.

“A number of people are reporting that they’ve been contacted by the bank.”‘

This is a wake-up call’The AFSPA said it was working to provide refunds to affected customers, and a further number of affected customers would receive a refund in the next few days.

“As a result of this massive disruption, there are currently a number of accounts impacted,” a spokesman for the AFSPA, Andrew Brown, said.

“AFSA is working to help affected customers and businesses restore their accounts.”AAP/ABC