Europe Retail News

Tesco Bank confirms 40,000 bank accounts being compromised


The financial subsidiary of the British supermarket chain Tesco, Tesco Bank, has confirmed that it has suffered an online criminal attack during the weekend and a total of 40,000 bank accounts were hacked of which money has been withdrawn from approximately half of the accounts.

“Tesco Bank can confirm that, over the weekend, some of its clients’ current accounts have been subject to criminal activities online, which in some cases have resulted in fraudulent money abuses,” Tesco Bank CEO Benny Higgins said. He also said the bank knew exactly where and how this fraudulence  happened, but could not disclose it as the investigation is going on. Higgins quoted it as “a systematic, sophisticated attack.”

In a statement to the press, Higgins said that “suspicious transactions” had been carried out on about 40,000 bank accounts, of which about half had been withdrawn. The executive has been “very hopeful” that affected customers can recover fraudulently stolen money in the next 24 hours.

“We can assure clients that any financial loss as a result of this activity will be fully resolved by Tesco Bank, and we are working to refinance the accounts that have been subject to fraud as soon as possible,” Higgins said in the company’s official statement.

In order to deal with the attack, the banking subsidiary of the supermarket chain has announced the temporary suspension of online transactions, although it has confirmed that the bank’s customers will be able to use their credit cards to withdraw cash and make payments.

Likewise, Tesco Bank has apologized through its CEO to all affected customers. “We apologize for the concern and inconvenience that this situation has caused in customers, and we can only stress that we are taking all necessary steps to protect our customers,” Higgins added.

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