Tesco is UK’s one of the largest multinational grocery and general merchandise retailer. They also have a presence in the banking sector. Last Thursday, Tesco bank suffered a security breach in which around 9,000 of its customers had their accounts compromised and later frozen by the bank itself to avoid further damage.
Although it is unclear who was behind the breach or how these accounts were compromised the bank has already issued an amount of £2.5 million to all to 9,000 customers. At the same time, the bank claims no personal data was stolen. Benny Higgins, chief executive of Tesco Bank said that “We’d also like to reassure our customers that none of their personal data has been compromised.”
Initially, the authorities believed 20,000 customers had their money stolen but upon further check, the internal fraud prevention system of the bank detected the exact and smaller number.
As a precaution we have notified some customers that we have blocked their cards to protect their account – https://t.co/m8zjO6BKgj
— Tesco Bank Help (@tescobankhelp) November 6, 2016
The chief executive of the Financial Conduct Authority (FCA) Andrew Bailey said the attack was “unprecedented.” Bailey further told MPs that a full investigation is under process to identify the root cause of the attack.
“The heart of concern is what is the root cause of this [Tesco attack] and what it tells us about the broader threats. It looks like it’s [in] online banking, [it] clearly appears to be on [the] debit card side of online banking, as far as we can tell. But it requires further urgent analysis,” said Bailey.
Tesco Bank confirms full service has resumed for current account customers https://t.co/ZNURZRUskI
— Tesco Bank Help (@tescobankhelp) November 9, 2016
The United Kingdom is one of the most lucrative places for cyber criminals. Lately, the country’s financial capital London has been under growing ransomware attacks, even the country’s National Health Service System (NHS) was forced to shut down its services after a massive ransomware attack. That’s not all, scammers even used hacked TalkTalk data to scam people for thousands of pounds.
If you are Tesco customer and still unable to access your account you should contact your bank right now.