But is that really true?
The bank admitted its mistake on Wednesday night after Buzzfeed News broke the story. This supposedly involved the destruction of backup magnetic tape drives containing the financial data. So, they simply concluded that the tapes could have been destroyed.
Police then called Mr Lakeman in August last year to say they had found his gun licence - only the membership number was wrong, the 59-year-old told The Conversation. "I don't even own a caravan".
In April, the inquiry heard that the Commonwealth bank collected fees from customers it knew had died. "It affected our credit rating".
CEO of CBA Matt Comyn said all of the APRA recommendations would be implemented:"We will establish a higher level of accountability and outcome for our actions and the impact we have on customers".
But Mr Lakeman is not alone in claiming identity theft.
A separate judicial inquiry into CBA is ongoing and the bank has been accused of breaching anti-money laundering rules more than 50,000 times. CBA shares ended up 0.6 percent on Thursday, roughly in line with the broader market. Customers were informed of the breach. "Why wasn't the market informed?" New data breach laws in Australia mean that if an incident like this happened again, disclosure would be legally required.
Commonwealth Bank has confirmed that two magnetic tapes containing transaction information for 19.8 million accounts went missing two years ago after being mishandled by a subcontractor.
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Reputation management experts, however, said CBA's move to use YouTube to take responsibility for the incident and reassure customers no personal data was stolen was a smart one.
"But we also need to recognise that based on CBA's statements, it seems highly likely the data never fell into malicious hands and whilst it's natural for people to feel that their privacy has been violated, it seems highly unlikely any unauthorised party saw the data and that it will result in any tangible loss or impact on them".
Australia's top financial regulator APRA released an excoriating report on CBA this week slamming a "widespread sense of complacency" at the bank, with Australia's Treasurer Scott Morrison saying he expected top executives at CBA would step down.
Commenting on the incident, the Australian Prudential Regulation Authority said that community trust in CBA had been "badly eroded" and the bank had "fallen from grace". He told the bank board he would be refusing his short-term bonus this year - a move that will cost him $2.2 million.
Commonwealth Bank has insisted that the decision to not inform customers was in order to "not unduly alarm" them. The executives will have a week to read and respond to the report and make suggestions as to how the bank can change its culture. Under the new banking laws, which became effective in February, it is the duty of the financial institution to notify all Australians affected by a major data breach within 30 days.
"We have however been contacted by the OAIC this week for additional information about this matter and the actions CBA undertook in 2016".
The tapes did not contained PINs, passwords or other data that could enable account fraud, Sullivan said.
"KPMG determined the most likely scenario was the tapes had been disposed of", the bank said, however BuzzFeed noted to this day they had still not been found. The bank immediately put in place monitoring mechanisms to further protect customers.