Categories: FinanceNews

Tesco Bank Refunds £2.5m In Stolen Funds To Its Customers

More and more details are becoming available related to the Tesco Bank hack a few days ago. With thousands of customers affected, it became apparent that this is not a run-of-the-mill cyber heist. Statistics indicate that over £2.5m has been returned to Tesco bank users, as the amount of stolen funds was far higher than originally anticipated.

A Big Step Back For Tesco Bank And Customers

Even though this bank heist is not as spectacular as others taking place in 2016, the theft of £2.5m is not something to sneeze at. What is rather unusual is how earlier reports indicated that over 20,000 users fell victim to suspicious attacks. Of these 20,000, only 9,0000 customers were effectively refunded, which begs the question what happened to the rest.

Tesco Bank claims that the number of affected users was far lower than the initially reported 20,000. Given the number of issues users had to deal with, it is not uncommon to see widespread panic and confusion. Having 9,000 users affected by a sudden cyber heist is still a worrisome development for the UK bank, though.

All of those users have seen their lost funds restored, and the investigation into the heist is still ongoing as we speak. All services should be available to Tesco Bank users once again in the coming hours. This is particularly good news for the bank’s clients, although there are still a lot of questions waiting to be answered.



Related Post

Specific details regarding the cyber heist remain shrouded in mystery for the time being. It appears that engineers have managed to address the security vulnerability, and the threat should be eliminated at this point. No one knows what allowed hackers to access the bank’s systems and withdraw cash without raising suspicion,  though.

Thankfully, no personal user data was compromised during this attack. The National Crime Agency is still investigating the matter, and the fraudsters must be brought to justice. To do so, Tesco Bank is collaborating with regulators to track down the stolen funds. Laundering £2.5m is not an easy feat by any means.

Although this news is not overly positive, the heist itself remains unprecedented. In this day and age of hacking, data breaches, and

malware, lackluster security can be the downfall for any enterprise or institution. Banks need to step up their security game to keep customer funds safe, as they are currently a target with a big bull’s- eye.

If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Altcoin Alert: Crypto Market Cap Breaches Key Level Hinting at an 8000x Rally for this Shiba Inu Killer

Shiba Inu (SHIB) gave enormous returns in 2021, making many early holders millionaires. After the…

2 hours ago

XRP Crash? XRP Falls Below $0.5 Resistance Level as Next Gen Altcoin JetBolt Takes Over

Spooky season might be over but doom is still looming as Ripple’s XRP falls below…

5 hours ago

This New Exchange Token Is Poised for a Price Surge Alongside Cardano and Avalanche – Analysts Predict Huge Gains This November

Three promising altcoins are causing a stir among investors this November: Avalanche (AVAX), Cardano (ADA),…

5 hours ago

With Dogecoin Dipping and TRON Holding, Is Lunex the Hottest Crypto Now?  

Everyone knows what the hottest crypto can do. When it was so hot it was…

5 hours ago

Tron Fees To Be Cut In Half Through Proposal 95, Cutoshi Surpasses $600k As TRX Investors Join CUTO Presale

The Tron network has witnessed incredible growth in several areas, especially in its adoption, which…

7 hours ago

$Pepe Whale Sell-Off And Fund Transfers Stir Volatility In Meme Coin Market

Recently, major $PEPE holder Flow Traders transferred 520 billion $PEPE tokens—worth approximately $4.73 million—from address…

15 hours ago