Tesco Bank Confirms They Know What Caused Theft of Customer Funds

Big news was made by Tesco Bank earlier this week, as over 20,000 customers were affected by the theft of funds. As it turns out, the Company’s upper brass is blaming this hack on a “sophisticated attack”. Even though Tesco Bank is well aware of what caused the issue, the company has declined to go into specifics at this time.

The Tesco Bank Hack Plot Thickens

Perhaps the biggest concern a lot of people have right now is how long it will be before Tesco Bank customers will see their balances restored. Company officials claim that this process should be completed by the end of November 8th, although it remains to be seen if that will be the case. With over 20,000 users falling victim to theft, there is a lot of sorting out to do.

Account holders are still unable to make online payments through Tesco Bank right now, nor can they use their debit cards for most payments, which makes the ordeal even more annoying. Cash  withdrawals and chip-and-pin transactions are still possible, as well as bill payments and direct debits.

While it’s nice to know that Tesco Bank is aware of what caused the hack in the first place, the lack of further information is a worrisome side effect. Then again, this incident is treated as a criminal investigation, and it is only to be expected that information will be scarce to come by for the foreseeable future.

Rumor has it that the Tesco Bank hack will be labeled as an “unprecedented breach at a British bank.” If that were to be the case, the incident would serve as a prime example of why better security measures are direly needed. Automated processed transactions are not enough to keep customer funds safe, that much is certain.

Blaming the hack on a “sophisticated attack” leaves a lot of room for speculation. It is possible that a Mirai botnet-based attack was used to breach critical systems or flood them with traffic. Then again, the theft of funds requires deeper system access. An inside job remains the most likely outcome of the investigation, as such a large-scale theft cannot be performed by just one individual.

As the inquiry continues, consumers are speaking out about the lack of professionalism shown by Tesco Bank. Having to go through this mess is a PR nightmare for any financial institution. Telling customers that the process takes at least three days to fully solve does not sit well with many Tesco Bank users.

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