Cyber fraudsters grasp money from 20,000 Tesco Bank accounts

On Monday, the banking arm of the UK’s number one retailer Tesco was scrambling to deal with an online attack over the weekend on 40,000 client’s accounts, 20,000 of which had funds removed.

The hack appears to be the first on a British bank known to have resulted in clients losing their funds, thus contributing to surging worries about the UK’s financial sector's vulnerabilities to cyber attacks, that have leapt in frequency for the last two years.

Tesco Bank, that manages up to 136,000 current accounts, suspended all online transactions while it worked to resume normal service, though clients could still utilize their bank cards in shops to withdraw funds from cash machines.

Any financial loss, which results from this fraudulent activity is going to be borne by the bank. That’s what reporters have learned from Tesco Bank Chief Executive Benny Higgins. From his words, clients aren’t at financial risk.

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