Morgan Stanley glitch hits cardholders

Banking firm Morgan Stanley has confirmed that up to 15,000 UK credit card holders were wrongly charged interest after an IT glitch.

Banking firm Morgan Stanley has confirmed that up to 15,000 UK credit card holders were wrongly charged interest after an IT glitch.

The problem occurred during the process of bringing the bank’s IT services – previously outsourced to Experian – back in-house earlier this month.

A spokesperson said only “a very small proportion” of the bank’s 1.5 million cardholders had been affected by the erroneous interest charges, which appeared on customers’ August statements.

“For the small number of customers that were affected, Morgan Stanley proactively refunded all interest charges. Cardholders will see the refund now on their online statement or in their next paper statement.
 
“At no point were any customers out of pocket. For the customers who paid back in full before the issue had been identified, a refund was posted immediately to the cardholders account as part of the work we did to rectify the problem.”

The rest of the IT insourcing project had gone very smoothly, the spokesperson added.

In April, Morgan Stanley was forced to cancel credit cards after a security breach at MasterCard allowed fraudsters in the US to steal the details of UK customers.

 

Vote for your IT greats

Who have been the most influential people in IT in the past 40 years? The greatest organisations? The best hardware and software technologies? As part of Computer Weekly’s 40th anniversary celebrations, we are asking our readers who and what has really made a difference?

Vote now at: www.computerweekly.com/ITgreats

CW+

Features

Enjoy the benefits of CW+ membership, learn more and join.

Read more on IT risk management

Start the conversation

Send me notifications when other members comment.

By submitting you agree to receive email from TechTarget and its partners. If you reside outside of the United States, you consent to having your personal data transferred to and processed in the United States. Privacy

Please create a username to comment.

-ADS BY GOOGLE

SearchCIO

SearchSecurity

  • Passive Python Network Mapping

    In this excerpt from chapter two of Passive Python Network Mapping, author Chet Hosmer discusses securing your devices against ...

  • Protecting Patient Information

    In this excerpt from chapter two of Protecting Patient Information, author Paul Cerrato discusses the consequences of data ...

  • Mobile Security and Privacy

    In this excerpt from chapter 11 of Mobile Security and Privacy, authors Raymond Choo and Man Ho Au discuss privacy and anonymity ...

SearchNetworking

SearchDataCenter

SearchDataManagement

Close