Oct 1, 2018
Tesco Bank fined £16.4m by FCA over cyber attack
Describing how "a series of errors" meant the bank wasted 21 hours before even starting to respond to the attack, the FCA said: "In the meantime, nothing had been done to stop the attack, the fraudulent transactions multiplied, calls from customers mounted and the attack continued." The attack was the subject of a very specific warning that Tesco Bank did not properly address until after the attack started. "In this case, the attack was the subject of a very specific warning that Tesco Bank did not properly address until after the attack started," said Mr Steward. The FCA said 8,261 personal current accounts at Tesco Bank were affected by the attack - described by regulators at the time as " unprecedented" - but because the bank delayed most of the fraudulent transactions, only 34 accounts ended up being debited money*. A year before the attack, Visa had warned its members, including Tesco Bank, about the type of fraud that it subsequently suffered happening in Brazil and the US. But Tesco Bank only put a block on such transactions on its credit cards, not its debit cards.
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