Tesco Bank, a part of Tesco UK offers financial services with products like credit cards, loans, mortgages, savings accounts and several types of insurances in the United Kingdom. The company today confirmed that thousands of customer accounts have been compromised due to a breach which in turn resulted in fraudulent withdrawals of several hundreds of pounds.
The Bank’s chief exec talked about suspicious activity across around 40,000 accounts, with money taken from around 20,000 of those accounts. The Bank has temporarily frozen all online payment facilities for current accounts, while ensuring affected customers with full refunds as soon as possible. Tesco Bank has confirmed that cards can still be used at ATMs, as well as make chip and pin transactions. All scheduled direct debits and bill payments are unaffected too. Tesco is one of the latest victims in a series of data breach that has been affecting some of the big guns today. It could have been a complex attack or lax security, or facilitated by someone on the inside in those companies. There would be investigations, regulating bodies and authorities finding everything possible related to the attacks but the humongous task for all the impacted companies is rebuilding trust after the storm.