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This is how cyber attackers stole £2.26m from Tesco Bank customers
Poor debit card security and a “series of errors” in reporting exacerbated an incident that could have been easily avoided. The inner workings of a cyber attack against Tesco Bank which saw £2.26m stolen from 9,000 customers — and resulted in the bank being fined over £16.4m for the failings that allowed it to happen — have been revealed. The Financial Conduct Authority (FCA) has hit the bank with a £16.4m fine and said Tesco Bank failed to “exercise due skill, care and diligence” in protecting current account holders against a cyber attack. Almost two years on from the incident, the exact identity of the cyber criminals is still unknown, but the FCA’s newly published report into the Tesco Bank attack details how hackers were able to make off with over £2m over the course of 48 hours in November 2016 . The attack started at 02:00 on Saturday, 5 November 2016; by 04:00, Tesco Bank’s fraud analysis and detection system started sending automatic text messages to t
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