Tesco Bank customers money disappeared & fraud messages

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  • xylophone
    xylophone Posts: 44,413 Forumite
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    Relative has received e-mail - says cards never used. No money missing from accounts.

    I have received no e-mail - seems to be no problem with mine. I have never used my cards.
  • Pincher
    Pincher Posts: 6,552 Forumite
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    It sounds like somebody logged in and transferred money out,
    as opposed to swiping a card, or a transaction online.

    Fortunately, I switched my account already, and only kept the ClubCard credit card for the points.
  • Ed-1
    Ed-1 Posts: 3,892 Forumite
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    Pincher wrote: »
    It sounds like somebody logged in and transferred money out,
    as opposed to swiping a card, or a transaction online.

    Fortunately, I switched my account already, and only kept the ClubCard credit card for the points.

    The fraudulent activity are all debit card transactions as the money hasn't left the account, but it's been reserved and so the available balances have reduced.
  • jimjames
    jimjames Posts: 17,619 Forumite
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    Not found any issues on my accounts and not received the text.

    Quite handy for Tesco really if it puts people off opening their accounts and as per posts in the linked thread, encourages people to move balances out so they aren't being paid interest on them :)
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Westie983
    Westie983 Posts: 5,213 Ambassador
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    I hadn't received the text or emails but logged in to find one of my current accounts have been affected, spoke to Tesco and they have added me to the list to call back, but as they reassured, any fraudulent transactions on accounts will be refunded, so im not overly worried it will return in time.
    I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.
    Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%
    Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%
    Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%
    Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%
    £2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%
    The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%
    Total £4095.19/£7332.95 = 55.84%
  • Ed-1
    Ed-1 Posts: 3,892 Forumite
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    jimjames wrote: »
    Not found any issues on my accounts and not received the text.

    Quite handy for Tesco really if it puts people off opening their accounts and as per posts in the linked thread, encourages people to move balances out so they aren't being paid interest on them :)

    As an aside, can't see the 3% lasting long if they can't prevent the debit card transactions going through. Their refund bill would be substantial.

    Anyone know whether a bank can stop a debit card payment once it's been authorised even though the money hasn't left the account?
  • Pincher
    Pincher Posts: 6,552 Forumite
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    Ed-1 wrote: »
    The fraudulent activity are all debit card transactions as the money hasn't left the account, but it's been reserved and so the available balances have reduced.

    From the BBC webpage:

    "Alan Baxter from Berwick-upon-Tweed said he had lost £600, leaving him with just £21.88 in the bank."

    Sounds like the money is gone.

    Also, £600 is higher than the daily cash limit, somebody will have to use a cloned card three times.

    If somebody bought a £600 TV, they would need to know there is more than £600 in the account, as it's not a credit card. To be cleaned out with such precision, sounds like somebody logged in, saw the balance, and sent out £600, so it's not left with a zero balance.

    Just speculation.
  • Ed-1
    Ed-1 Posts: 3,892 Forumite
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    Pincher wrote: »
    From the BBC webpage:

    "Alan Baxter from Berwick-upon-Tweed said he had lost £600, leaving him with just £21.88 in the bank."

    Sounds like the money is gone.

    Also, £600 is higher than the daily cash limit, somebody will have to use a cloned card three times.

    If somebody bought a £600 TV, they would need to know there is more than £600 in the account, as it's not a credit card. To be cleaned out with such precision, sounds like somebody logged in, saw the balance, and sent out £600, so it's not left with a zero balance.

    Just speculation.

    They don't need the physical debit card to use it. They just need the numbers. From the reports on here, there have been multiple small transactions tried before bigger ones to test whether there's funds in the accounts.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    Ed-1 wrote: »
    Anyone know whether a bank can stop a debit card payment once it's been authorised even though the money hasn't left the account?
    Yes they can. But even if they miss the deadline they still have the chargeback route.
  • TheShape
    TheShape Posts: 1,779 Forumite
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    edited 7 November 2016 at 1:03AM
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    Pincher wrote: »
    From the BBC webpage:

    "Alan Baxter from Berwick-upon-Tweed said he had lost £600, leaving him with just £21.88 in the bank."

    Sounds like the money is gone.

    Also, £600 is higher than the daily cash limit, somebody will have to use a cloned card three times.

    If somebody bought a £600 TV, they would need to know there is more than £600 in the account, as it's not a credit card. To be cleaned out with such precision, sounds like somebody logged in, saw the balance, and sent out £600, so it's not left with a zero balance.

    Just speculation.

    Cash Limit? That's only relevant for cash withdrawals from an ATM not a Debit Card purchase.

    Why would a fraudster who has attempted perhaps as many as 10,000 fraudulent transactions need to know that Alan Baxter from Berwick-upon-Tweed in particular has more than £600 in his account?
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