When Banking & Groceries Don’t Mix

Note from the Publisher:  So if you had a bad weekend this past weekend, you can take heart because it was probably not as bad as that of British firm Tesco.  Tesco, the third largest retailer in the world, has holdings in grocery stores, general merchandise, health care and….banks (fintech!).  In fact, the screenshot from their website that we’ve included with this story shows you all the offerings they provide under their banking division, including credit cards, savings accounts, loans, mortgages, pet insurance(!) and digital banking, amongst others. 

Sadly, over the weekend, their database was hacked and over 20,000(!) customers have had up to £2,000 British Sterling stolen from their accounts.  That is QUITE a data breach, and cybersecurity remains one of the items of greatest concern to customers when it comes to digital banking.  Once those accounts are made whole again, one can only imagine they’ll flee to other banks offering greater cybersecurity (perceived or otherwise).

“UK-based Tesco Bank has revealed that 20,000 of its customers had up to £2,000 stolen from their accounts in a cyberattack. As a result, all online transactions have been frozen for 24 hours until the situation is bank “under full control”, according to Benny Higgins, Tesco Bank’s CEO.

The attack took place of the weekend – 40,000 accounts were hacked. The bank issued an apology to its customers.

The incident is now being investigated by the National Crime Agency.  The bank fears that the cybercriminals may have found a way to create cards for Tesco Bank accounts to use them to withdraw and spend money.”

Read Full Article at Bankingtech