NEWS | The Big Stories The
Cyber-thieves steal £2.5m from 9,000 Tesco accounts
T
esco Bank, which has suffered an ‘unprecedented’ attack on its online banking accounts, has confirmed that £2.5m in total was taken from 9,000 accounts and that it was continuing to work closely with the authorities to find out what happened. The National Cyber Security Centre, the new division of the surveillance agency GCHQ created earlier this year, confirmed it was working with the National Crime Agency which has launched a criminal inquiry. The NCSC said it was “providing direct assistance to the company at their request, including on-site assistance”. “In the case of cyber-related incidents, it can,
on certain occasions, take a significant period of time to understand the incident given the technical complexities involved. So the story will emerge over time. During this period it is vital that nothing is said publicly that could interfere with the criminal investigation,” the NCSC said. Benny Higgins, the chief executive of Tesco
Zone
Bank, apologised to customers. “Our first priority throughout this incident has been protecting and looking aſter our customers, and we’d again like to apologise for the worry and inconvenience this issue has caused,” he said. “We’ve now refunded all customer accounts affected by fraud and liſted the suspension of online debit transactions so that customers can use their accounts as normal. We’d also like to reassure our customers that none of
their personal data has been compromised.” As several theories circulate about the cause of the problem, Conservative MP Chris Philp suggested that it could have been the work of a foreign power. “I think we can’t rule out the possibility, at all, that this is state-sponsored,” he told the BBC. Q
RBS facing £400m compensation bill A
ſter several years of complaining by financial managers of small businesses, RBS has eventually
apologised to customers as the bank faced a £400m compensation bill for poor treatment in the wake of the banking crisis. FDs at SMEs will be glad to receive
refunds of the fees that were charged – and will be allowed to make fresh complaints about their treatment between 2008 and 2013 – in a process that will be overseen by a retired high court judge. RBS chief executive Ross McEwan, who has regularly defended the bank against claims that it deliberately tried to profit from small business customers. said: “We have acknowledged for some time that mistakes were made. Some of our customers went through what was
8 DIRECTOR OF FINANCE Ross McEwan “It would be fair to say that
a traumatic and painful experience as a result of the crisis. I am very sorry that we did not provide the level of service and understanding we should have done.
consequential loss needs to go to the court at the end of the day, because it will be up to a court process in most of these situations for them to determine whether those businesses were going to be viable, and be a very successful business going forward.” Critics of the compensation plans quickly gave voice to their concerns. David Stewart, from the RBS GRG Business Action Group, which has more than 500 members demanding £2bn in compensation, said: “Given the damage to the lives of RBS’s customers, £400m is wholly inadequate and is a cynical attempt to evade accounting fully for the consequences of RBS GRG’s action. We are disgusted by this proposal.” Q
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