£2.5m Stolen in Tesco Bank Hack

Cause

The CEO of Tesco Bank Benny Higgins has stated the bank knows “exactly” what the attack was, but could not say more because it was part of an ongoing criminal investigation. Prof Alan Woodward, a security consultant who has worked with Europol has said “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,”.

 

Effect

On Saturday 5th and Sunday 6th November, customers of Tesco Bank complained about money being withdrawn from their accounts without permission, cards being blocked and long delays to get through to customer services on the phone. CEO, Mr Higgins has confirmed, “Any financial loss that results from this fraudulent activity will be borne by the bank, customers are not at financial risk.” It’s believed over 40,000 accounts were affected, however only 9,000 customer accounts had funds removed by the cyber criminals. Tesco Bank says it has refunded £2.5m to 9,000 customers who had money taken from their accounts during the cyber attack. Tesco Bank have released an official statement on their homepage.