Monday, September 25, 2017

Tesco Bank scandal named worst cyber crime in UK history

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Repayments of £2.5 million have been made to customers of Tesco Bank after this week’s cyber scandal.

The supermarket retailer today announced that full service had resumed in its financial arm after 9000 people lost money from their Tesco Banks accounts in a cybercrime incident.

The incident, which has been dubbed the worst cybercrime attack on a British bank, is reportedly being investigated by GCHQ over fears it may have been state-sponsored.

Initially the number of defrauded accounts was thought to be upwards of 20,000, but this was later revised to 9000.

READ MORE: 40,000 Tesco Bank customers hit by fraudsters

“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,” Tesco Bank chief executive Benny Higgins said.

“We’d also like to reassure our customers that none of their personal data has been compromised.”

The chief executive of the Financial Conduct Authority, who are investigating the incident, Andrea Bailey told MPs: “There are elements of this, as far as we can tell at the moment, that look unprecedented.

“The heart of concern is what is the root cause of this and what it tells us about the broader threats.”

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