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Tesco Bank says attack cost it £2.5m and hit 9,000 people. #businessnews #technews

After Tesco – who is the next vulnerable bank to be hit with this ? Tesco says it knows “exactly” what the nature of this attack was and presumably is sharing that industry wide. The scale and speed of this breach is concerning for all bank customers. Would you setup a “pass-book” deposit account as an emergency access option – a non internet based account where you have to walk into a bank to access your money  ? Do such accounts still exist in the digital age ?

Tesco Bank says it has refunded £2.5m to 9,000 customers who had money taken in an attack on their accounts.

The number given for the current account customers hit by the fraud is fewer than half of the 20,000 initially reported to have been affected.

Personal data “was not compromised” in the attack, and all accounts affected had been refunded, the bank said.

Tesco Bank has said it was hit by “a systematic, sophisticated attack” at the weekend.

“We’ve now refunded all customer accounts affected by fraud and lifted the suspension of online debit transactions so that customers can use their accounts as normal,” said chief executive Benny Higgins.

Current account customers had been blocked from making online payments using their debit card since Sunday, an action the bank said it had taken “to prevent criminal activity”.

“We’d again like to apologise for the worry and inconvenience this issue has caused,” said Mr Higgins.

Mr Higgins said the bank knew “exactly” the nature of the attack, but could not say more because it was part of a criminal investigation.

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