Tesco has announced that it will halt all online transactions for customers of its Banking arm after 20,000 accounts have money stolen.
During the weekend “significant” fraudulent activity was discovered by the retailer, whereby 40,000 accounts has suspicious transactions and half of those had money removed.
The grocer has announced that it will freeze all online transactions until the situation is resolved, however customers can still withdraw money from ATM machines.
Tesco Bank’s chief executive Benny Higgins told BBC radio: “Any financial loss that results from this fraudulent activity will be borne by the bank. Customers are not at financial risk.
“It’s 20,000 customers, we think it would it be relatively small amounts that have come out but we’re still working on that.
“We are now in dialogue with the National Crime Agency. We are working closely with them. We are also in close contact with the Financial Conduct Authority.
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“We invest very heavily in insuring we have preventative measures in respect of this kind of fraudulent activity but in the modern world it’s impossible to be totally impregnable.”
The bank reportedly has over eight million customers, one of which Tweeted he had lost over £700.