20 000 Tesco Bank cus­tomers lose money

Chronicle (Zimbabwe) - - Business -

LONDON — Tesco Bank has halted on­line pay­ments for cur­rent ac­count cus­tomers after money was taken from 20 000 ac­counts.

The bank’s chief ex­ec­u­tive Benny Hig­gins told the BBC he was “very hope­ful” cus­tomers would be re­funded within 24 hours.

About 40 000 ac­counts saw sus­pi­cious trans­ac­tions over the week­end, of which half had money taken, he said.

Cus­tomers will still be able to use their cards for cash with­drawals, chip and pin pay­ments, and bill pay­ments.

They can also use on­line bank­ing, but can­not make on­line trans­ac­tions un­til the sit­u­a­tion is back un­der con­trol, Mr Hig­gins told the BBC’s Today pro­gramme.

Ear­lier, the bank con­firmed some ac­counts “have been sub­ject to on­line crim­i­nal ac­tiv­ity, in some cases re­sult­ing in money be­ing with­drawn fraud­u­lently”.

Mr Hig­gins also apol­o­gised for the “worry and in­con­ve­nience” that cus­tomers have faced.

One cy­ber­se­cu­rity ex­pert said this could be an un­prece­dented breach at a Bri­tish bank.

“I’ve not heard of an at­tack of this na­ture and scale on a UK bank where it ap­pears that the bank’s cen­tral sys­tem is the tar­get,” said Prof Alan Wood­ward, a se­cu­rity con­sul­tant who has worked with Europol.

Over the week­end, cus­tomers com­plained about money be­ing with­drawn with­out per­mis­sion, cards be­ing blocked and long de­lays to get through to the bank on the phone.

“Any fi­nan­cial loss that re­sults from this fraud­u­lent ac­tiv­ity will be borne by the bank,” Mr Hig­gins said. “Cus­tomers are not at fi­nan­cial risk.”

Tesco has yet to use the word “hack­ing” to de­scribe the breach.

The bank has more than seven mil­lion cus­tomer ac­counts and 4 000 staff, based in Ed­in­burgh, Glas­gow and New­cas­tle.

A Na­tional Crime Agency (NCA) spokesman con­firmed it is lead­ing the in­ves­ti­ga­tion into the case, but stressed there was “no set for­mula” for deal­ing with cy­ber at­tacks, which tend to “vary in terms of so­phis­ti­ca­tion”.

“It will be in­ves­ti­gated and hope­fully that will lead to ac­tion and ar­rests,” he said. — BBC.

Newspapers in English

Newspapers from Zimbabwe

© PressReader. All rights reserved.