{"id":5947,"date":"2016-11-15T17:34:08","date_gmt":"2016-11-15T09:34:08","guid":{"rendered":"http:\/\/staging.bankvaultonline.com\/?p=5947"},"modified":"2016-11-15T17:34:08","modified_gmt":"2016-11-15T09:34:08","slug":"tesco-bank-uk-breached-freezing-all-online-transactions","status":"publish","type":"post","link":"https:\/\/www.bankvault.com\/tesco-bank-uk-breached-freezing-all-online-transactions\/","title":{"rendered":"Tesco Bank UK Breached, Freezing All Online Transactions"},"content":{"rendered":"

We rely on doing online banking to transfer money between our family, friends, and business associates. How would you feel if your bank account was hacked?<\/strong><\/h2>\n

In an unbelievable turn of events, the UK’s Tesco Bank was hit with the biggest cyber attack in British banking. On Sunday 6th<\/sup> of November 2016, British newspapers reported that 40,000 Tesco Bank bank accounts had been raided. Some customers also had their credit card details stolen and used as far away as America and Brazil.<\/p>\n

In more bad news for its customers, Tesco Bank took the extraordinary measure of freezing all of their members\u2019 bank accounts.<\/p>\n

It seems that on that fateful day, Tesco Bank was forced to block a few thousand credit cards due to \u201csuspicious activity\u201d. The bank claimed that the blocked accounts were merely a \u201cprecautionary measure\u201d and less than 10,000 members were affected. Outraged customers quickly complained about being victims on social media.<\/p>\n

The next day, the bank froze all online transactions.<\/p>\n

How Tesco Bank Accounts Were Robbed<\/h3>\n

While Tesco Bank has admitted that money has been stolen from the bank due, they have resisted in calling this incident a cyber attack or hacking against their bank. Tesco Bank have not clarified how bank accounts were infiltrated and bypassed the banks\u2019 own security measures apart from saying it was due to \u201conline criminal activity\u201d.<\/p>\n

Cyber security experts believe that the breach was due to an inside job, credential stuffing, as well as exploiting a third-party supplier. Some also claim that they notified the bank about security vulnerabilities\u00a0of its mobile app months ago.<\/p>\n

Other viewpoints include:<\/p>\n