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Financial Conduct Authority concerned about cyber security of banks
This article is part of the Computer Weekly issue of 15 November 2016
The UK’s Financial Conduct Authority (FCA) has said it is concerned about weaknesses in banks’ IT systems, after cyber attackers drained £2.5m from 9,000 Tesco Bank current accounts at the weekend. The bank halted online banking after discovering suspicious activity relating to 40,000 current accounts and initially feared that around 20,000 had been affected by fraudulent transactions. However, the bank has now confirmed that just under 7% of the bank’s 136,000 current account customers were affected by fraudulent transactions. The bank claims to know exactly what happened but is yet to give any details, saying the matter is still under criminal investigation by the National Crime Agency (NCA). However, the bank said no personal data was compromised in the attack, and that all money stolen from accounts has been refunded. The bank has also lifted the suspension of online debit transactions. “We’ve refunded all customer accounts affected by fraud and lifted the suspension of online debit transactions so that customers can use ...
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Features in this issue
The FCA expresses concern about the cyber security of banks after 9,000 Tesco Bank customers lost £2.5m in fraudulent transactions
Coca-Cola European Partners, which bottles 15 billion litres of soft drinks each year, is working with an HR technology supplier to develop flexible rewards packages for its 25,000 employees
Data from The Academy secondary school in the seaside town of Selsey was restored just hours after a fire destroyed most of the premises, thanks to a cloud backup agreement set up a year earlier