Tesco Bank

colsten

m00head wrote: »

Police hunt fraudsters from Brazil and Spain who stole millions in attack on Tesco Bank - Daily Mail

Thank goodness for the Daily Mail - at least we now know that it was fraudsters from Brazil and Spain...................

In reality, there is no proof of any sort that this is actually the case.

m00head

colsten wrote: »

Thank goodness for the Daily Mail - at least we now know that it was fraudsters from Brazil and Spain...................

In reality, there is no proof of any sort that this is actually the case.

It doesn't really matter where the fraud appears to have be committed - it could have originated from anywhere. Some news agencies are now reporting that it could have been a Russian state-sponsored attack.

The key quote was the method the fraudsters used, i.e. "card-holder present and it was a swipe of the magnetic strip-type of transaction". If accurate, this means it was not 'Card Not Present' (CNP) fraud as previously thought, and also suggests that the algorithm used by Tesco Bank to generate debit card numbers and/or expiry dates may have been cracked, or a big list of them was stolen.

This also explains why contactless payments were also blocked - because the contactless RFID chip on the card contains the same information as the magnetic strip (also shown on the front of the card), but it does not contain the CVV (3-digit security code) on the back of the card.

Gers

Gers wrote: »

I phoned at 8.29 and have just finished (8.45)after having had conversations with two different departments.

My £6k is intact. The other issue seems to be with customers who have BT email addresses. I received four letters (four account) saying that email to my registered email address was undeliverable and to logon to change it. Chap I spoke to said it was a problem with only BT addresses so I've given him an alternative one.

Happy with the service and the agents.

EDIT - only was on hold for approx four minutes.

Just had the call back - three attempts made on one current account and two on the other, all of which were blocked. Seems to be a pizza delivery place (didn't catch the name but definitely not a UK one) and Wayfair plus another foreign supermarket.

I'm happy that the transactions were stopped by Tesco's security systems, and the thought of the frustrations of the scammers as loads of transactions getting blocked is making me smile too.

New cards in 7 - 10 days due to the volume needed overall. The originals are still in a drawer unused.

6022tivo

If like me you are using two accounts for the interest. Just don't activate the cards when they arrive. They can not be used then.

Muttleythefrog

colsten wrote: »

Same here. Good work, Tesco!

Still want to know what happened, and whether any of my personal data has been compromised

Good work most certainly not. They've completely failed customers - at every stage they have failed to inform or have misinformed. They've been unprepared and they are acting as if clueless about their own operations (that continues to happen - I've just had private chat with agent via their facebook page who I accused of lying to me and then he accepted he was wrong). My compensation expectations are rising by the hour and the promised call back has just passed its due time. What the hell is happening to British business - Virgin Media cannot produce a correct bill for me in 2 years and repeatedly have to compensate me (like yesterday). npower cannot do basic things like apply for a gas switch. Today they're compensating me for sending an insulting and incorrect email (and they're having to compensate me to my bank account because all the other compensations are sending my account into ridiculous credit). And later today Tesco Bank will be compensating me or otherwise I'll tell them to go away and reconsider. What is troubling to me is that we've only just opened our Tesco accounts and the identity requirements on my wife were IMO overbearing (in the details required that actually meant services they recommended like Post Office document verification service were insufficient to meet their requirements) and open to flaw (original documents not sighted by their staff)... and then they had the cheek to return the documents with her name spelt incorrectly on the envelope. No doubt Tesco clubcard is separate operation but that too has proven a nightmare in recent weeks with them unbelievably changing my account that I've held for 11 years into my wife's name without any such instruction. I gave a manager (who blamed problem on poorly trained staff recruited for Xmas) twice as long as the requested week to resolve this and they failed. I've had to hack into my own Tesco clubcard account to restore it to my control! Am I going mad..? Don't answer.

While Tesco bank have blocked the frauds they have lied, they continue to lie, they have badly let customers down. When they finally did put out information it seemed to be to play down the incident and immediately blame others while then going on to advertise banking functionality retained by customers which is clearly a lie (customers continue to tell them their statement is a lie). Now I can only wonder if personal data has indeed been compromised - we can be pretty sure if it has that Tesco Bank will not say so any time soon.

Benny Higgins ... more like Benny Hill !

6022tivo

I can't see the 3% interest staying much longer. How long before an announcement?

pafpcg

6022tivo wrote: »

I can't see the 3% interest staying much longer.

Do you mean that Tesco will have to *increase* the interest rate in order to retain customers?

6022tivo

pafpcg wrote: »

Do you mean that Tesco will have to *increase* the interest rate in order to retain customers?

No, they can get as much money as they want from the Bank of England a lot cheaper than the public.
They have no pay in requirement and no DD requirement (These make them money in transaction fees). They are basically giving money away for free every month for nothing.
Also, this fraud which attacked a lot of these account holders with the £3000 for in interest has caused them a headache. A very expensive headache!

pafpcg

I think we both agree that these accounts are "loss-leaders" for Tesco Bank. But if there is a haemorrhaging of customers due these fraudulent transactions, reducing the interest rate would just make the rate of loss even greater. Increasing the interest rate might be one way to slow the rate of loss of customers.

Certainly it is going to be "a very expensive headache" for Tesco with the costs of compensating customers, implementing additional security measures, the reputational loss and the departure of customers acquired via expensive promotions such as the 3% interest rate. Maybe the Board at Tesco will pull the plug on the expansion efforts at Tesco Bank. But then I don't work in the finance sector.....

6022tivo

pafpcg wrote: »

I think we both agree that these accounts are "loss-leaders" for Tesco Bank. But if there is a haemorrhaging of customers due these fraudulent transactions, reducing the interest rate would just make the rate of loss even greater. Increasing the interest rate might be one way to slow the rate of loss of customers. ...

But the customers are not making them any money and never will?
I know Tesco are one of the worst structured business in the UK, but this stupidity is surly taking it too far?