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15 November 2016

Financial Conduct Authority concerned about cyber security of banks

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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