23 June 2017
download the report now

Tesco Bank fraudsters drained £2.5 million from customer accounts

09 November 2016  |  7250 views  |  0 Security

Tesco Bank has refunded £2.5 million to 9000 customers who fell victim to a fraud that siphoned money from their current accounts over the weekend.

The number of victims of the attack are less than half the 20,000 initially thought to have been hit.

The bank's move to refund accounts and resume full services following an earlier suspension of all transactions comes just 12 hours after FCA chief Andrew Bailey told MPs that the breach of the bank was "unprecedented in the UK".

Precise details of the assault, billed by Tesco Bank CEO Benny Higgins as "a systematic, sophisticated attack", have yet to be revealed, although the bank has pinpointed the security hole.

In a statement, Higgins says that no personal data was compromised and that the bank is working with the National Crime Agency and regulators to track down the fraudsters.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Tesco Bank halts transactions after money disappears from customer accounts

Tesco Bank halts transactions after money disappears from customer accounts

07 November 2016  |  13719 views  |  7 comments | 25 tweets | 43 linkedin
Tesco Bank fixes glitch that caused two-day outage

Tesco Bank fixes glitch that caused two-day outage

05 February 2015  |  7331 views  |  1 comments | 4 tweets | 6 linkedin
Tesco introduces current account

Tesco introduces current account

10 June 2014  |  7156 views  |  0 comments | 10 tweets | 11 linkedin
Tesco Bank opens seven millionth customer account; current accounts to come in H1

Tesco Bank opens seven millionth customer account; current accounts to come in H1

18 February 2014  |  6647 views  |  0 comments | 9 tweets | 6 linkedin
Tesco glitch locks RBS and NatWest cards

Tesco glitch locks RBS and NatWest cards

03 January 2014  |  8449 views  |  3 comments | 6 tweets | 6 linkedin
Tesco Bank embarks on hiring spree ahead of current account launch

Tesco Bank embarks on hiring spree ahead of current account launch

11 December 2013  |  4396 views  |  0 comments | 2 tweets | 6 linkedin
Tesco launches mortgage range

Tesco launches mortgage range

06 August 2012  |  4906 views  |  0 comments
Tesco Bank sales dip as resources diverted to tech migration

Tesco Bank sales dip as resources diverted to tech migration

11 June 2012  |  7004 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit wavestone-advisors.co.ukvisit vasco.com/news/PSD2-compliant-solutionsvisit www.response.ncr.com

Top topics

Most viewed Most shared
Worldpay pilots app-only mPOS for small retailersWorldpay pilots app-only mPOS for small re...
8602 views comments | 17 tweets | 27 linkedin
Live: EBAday 2017, day twoLive: EBAday 2017, day two
8421 views comments | 4 tweets | 5 linkedin
Live: EBAday 2017, day oneLive: EBAday 2017, day one
7727 views comments | 3 tweets | 4 linkedin
UK banks will need to change one million sort codes under ring-fencing rulesUK banks will need to change one million s...
7596 views comments | 8 tweets | 25 linkedin
UBS dangles $200,000 carrot to woo startups to fintech challengeUBS dangles $200,000 carrot to woo startup...
6503 views comments | 12 tweets | 5 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job