Tesco Bank customers money disappeared & fraud messages

Thrugelmir

Pincher wrote: »

Looks like TESCO is not telling, and the Sunday Times Money section today is hinting it's an inside job.

Speaking to some one involved in high level security at another UK financial institution. That's their personal view. Too many internal layers of security to access that number of accounts in such a limited time window,

jimjames

Thrugelmir wrote: »

Speaking to some one involved in high level security at another UK financial institution. That's their personal view. Too many internal layers of security to access that number of accounts in such a limited time window,

Especially when it appears no personal details were compromised and account login information hasn't needed to be changed.

Danger_Fourpence

I was hit badly last week, I decided to give things a week for the dust to settle but today I closed both my current accounts with them.

£700+ left one account, the other was untouched. Obviously the money returned but I received no personal callback or apology. Plus there's no real indication that security has been stepped up. For example, I transferred out £6k+ the other day and the system didn't ask for anything such as a mobile phone code or any two-step authentication for a new payee. Not good enough IMO.

I have a reasonable working knowledge of cybersecurity and the dark web. To me Tesco Bank appears to have more holes than a swiss cheese, if this does turn out to be an inside job that's worse. I have absolutely zero confidence in them and that's why closed up today. I'd rather miss out on £15 interest a month than keep anything in there.

Very poor indeed.

Stevie_Palimo

Danger_Fourpence wrote: »

I was hit badly last week, I decided to give things a week for the dust to settle but today I closed both my current accounts with them.

£700+ left one account, the other was untouched. Obviously the money returned but I received no personal callback or apology. Plus there's no real indication that security has been stepped up. For example, I transferred out £6k+ the other day and the system didn't ask for anything such as a mobile phone code or any two-step authentication for a new payee. Not good enough IMO.

I have a reasonable working knowledge of cybersecurity and the dark web. To me Tesco Bank appears to have more holes than a swiss cheese, if this does turn out to be an inside job that's worse. I have absolutely zero confidence in them and that's why closed up today. I'd rather miss out on £15 interest a month than keep anything in there.

Very poor indeed.

To be fair to Tesco's here if you have had the account for some time you would already knew the security process for moving money around and this did not deter you from keeping the accounts with them, Once the dust has settled here Tesco security will be beefed up somewhat with a view to prevent a similar episode happening so in theory would be a safe option for money, Also factor in the UK regulation and banking threshold allowance would mean having money in these accounts is not a problem, It maybe if it is your only source of banking and had no option to get anything elsewhere while it got sorted out.

Danger_Fourpence

Stevie_Palimo wrote: »

To be fair to Tesco's here if you have had the account for some time you would already knew the security process for moving money around and this did not deter you from keeping the accounts with them, Once the dust has settled here Tesco security will be beefed up somewhat with a view to prevent a similar episode happening so in theory would be a safe option for money, Also factor in the UK regulation and banking threshold allowance would mean having money in these accounts is not a problem, It maybe if it is your only source of banking and had no option to get anything elsewhere while it got sorted out.

First time I had moved money out of the account(s) so I didn't know the process. They were literally just being used as savings accounts. Every other current account I have, and I've got a fair few, uses some sort of check on a new payee, so I don't think it's unreasonable to expect the same of Tesco.

Stevie_Palimo

Danger FourPence you have not lost anything and by rights the accounts will now be better secured after having this attack, It would not happen overnight but Tesco to keep face had agreed to pay this all straight back no arguments, I'd hazard a guess a few other banks may not be so forthcoming in paying customers back so quick.

Danger_Fourpence

Stevie_Palimo wrote: »

Danger FourPence you have not lost anything and by rights the accounts will now be better secured after having this attack, It would not happen overnight but Tesco to keep face had agreed to pay this all straight back no arguments, I'd hazard a guess a few other banks may not be so forthcoming in paying customers back so quick.

Still no excuse for failures in communication. Just sending text messages to customers is not good enough.

We don't know all the facts yet, but considering the amount of negative publicity an attack of this size/scale causes I don't think there's UK bank that wouldn't act quickly. Damage to reputations can be done in a flash these days. There's no trickle down, it's an instant torrent.

Now I haven't looked at the dark web/black-hat boards in sometime but if Tesco has been probed and pilfered from for a while (as has been suggested) and they have failed to combat this then I can't see a good reason to bank there at this time. A year down the line and things might be different but not now.

JohnRo

Tesco have acted quickly...

Can you name a high street bank that hasn't had or caused problems for it's customers? As long as they're endeavouring to put things right I really don't see the problem. Considering they're a bit of a new kid on the block I'd say they've handled the situation very well.

Pincher

They won't always pay out so easy.

One of these days, they will say we know you have been introducing your mother to friends and family (your wife's), and she has been telling them her maiden name is Smith.

Stevie_Palimo

Pincher wrote: »

They won't always pay out so easy.

One of these days, they will say we know you have been introducing your mother to friends and family (your wife's), and she has been telling them her maiden name is Smith.

Hardly happen on such a widespread case such as this one.