Tesco Bank hacked
(9 November 2016 – United Kingdom) One of the UK’s largest multinational grocery and general merchandise retailers, Tesco, who also has a presence in the banking sector 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 (A$4.1 million) to all to 9,000 customers. At the same time, the bank claims no personal data was stolen.
Tesco Bank’s Chief Executive Officer, 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 (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 and what it tells us about the broader threats. It looks like it’s online banking, clearly appears to be on debit card side of online banking, as far as we can tell. But it requires further urgent analysis,” said Bailey.
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