14
NEWS Attack costs Tesco Bank £2.5m
laundered their ill-gotten gains in shops in the US and Brazil, including electricals retailer Best Buy. They used data stolen from the British FI to set up in-store contactless payment accounts on smartphones, it has emerged.
T
Tesco Bank has refunded £2.5 million to around 9,000 customers who had money taken in the attack on their current accounts during the weekend of 5th-6th November. That’s fewer than half the 20,000 initially reported to have been affected. Personal data “was not compromised”. The incident has been linked to the Retefe malware. The trojan horse goes after users’ online banking credentials, which can be then misused to conduct fraudulent transactions. Many more thousands might be at risk as the malware’s target list contains several other banks.
The challenger bank has been wholly owned by grocery Tandem Bank is go
K challenger bank Tandem has rolled out its mobile banking app to 10,000 early adopters, which it calls “co-founders” as the new entrant looks for feedback on its services. A full launch is expected to occur in the first half of 2017.
U
Users of the app will be able to add any existing UK bank account to it, monitor their spending and receive hints and tips on how to save their money. Any savings made using the app can be stored away on a dedicated savings account, Tandem’s first full financial product. It is aiming to introduce its own accounts, loans and credit cards in the coming years.
Matt Cooper, Co-Founder of Tandem, told IBS Journal earlier this year: “Banks make money when their customers make bad decisions – when they don’t pay off loans, when they go into their overdrafts and when they don’t remember to switch to the best product available. We
saw the opportunity to build a business that lets you take care of the customer and profits when they do. All those people who stay with their gas provider or have the wrong credit card or the wrong mobile tariff – which all contribute to them being unable to save money – can be aided through technology by an advisory service. We don’t want our unique selling point to just be, you can do your banking on a bus.”
Tandem has raised £22 million in funding from venture capitalists, including eBay Founder Pierre Omidyar. The bank also blew through a £1 million crowdfunding target within minutes. It is run on a combination of custom-built digital channels using Fiserv’s Agiliti platform. According to Ricky Knox, Co-Founder of Tandem, more systems might be selected and implemented as the bank grows.
Alex Hamilton he crooks behind the Tesco Bank cyber-heist
giant Tesco since 2008, after starting life as a joint venture with Royal Bank of Scotland. It offers a range of personal banking products, including credit cards, personal loans, savings, mortgages and general insurance.
Scott Thompson
www.ibsintelligence.com © IBS Intelligence 2016
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52
