Tesco Bank Hack: Money Taken From 20,000 Accounts

In a weekend hack, 40,000 Tesco Bank checking accounts were accessed and money was taken from about 20,000 accounts without authorization.

According to the Daily Mail, the suspicious activity caused Tesco, which is based in the U.K., to temporarily freeze online transactions other than automatic debit payments on Monday, causing widespread frustration and other difficulties among customers affected. Account holders can still withdraw money at cash machines and use their debit cards to make purchases at retailers, however, and direct debits will go on as normal.

Chief Executive Benny Higgins said in a statement that the bank would refund all accounts where money was taken as soon as possible.

“We can reassure customers that any financial loss as a result of this activity will be resolved fully by Tesco Bank, and we are working to refund accounts that have been subject to fraud as soon as possible,” Higgins said, the Daily Mail reported.

According to Bloomberg, the U.K. Financial Conduct Authority is working with the bank to investigate and resolve the problems. The bank also is working with the National Crime Agency.

Tory MP Chris Philp of the Commons Treasury Committee expressed concern that a foreign power like Russia could have been behind the hack, the Daily Mail reported.

Amounts ranging from 20 to 600 pounds were taken from the accounts. The total amount taken was not yet available.

Tesco Bank stock fell 1.2 percent in trading Monday after news of the hack, the Daily Mail reported.

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