Tesco Bank agrees settlement with Financial Conduct Authority
1 October 2018
Tesco Bank accepts FCA’s notice and agrees to settlement of £16.4m.
In November 2016, Tesco Bank was the victim of a sophisticated criminal fraud attack. This fraud did not involve the theft or loss of any customers’ data, but led to 34 transactions where funds were debited from customers’ accounts, and other customers having normal service disrupted.
The FCA recognised in the notice that, once senior management were aware, Tesco Bank responded quickly to stop the fraudulent transactions, updating customers regularly and deploying significant resources to return customers to their previous financial position. Tesco Bank considers this a reflection of its customer centric culture.
Commenting on the FCA’s notice, Gerry Mallon, Tesco Bank Chief Executive, said:-
“We are very sorry for the impact that this fraud attack had on our customers. Our priority is always the safety and security of our customers’ accounts and we fully accept the FCA’s notice. We have significantly enhanced our security measures to ensure that our customers’ accounts have the highest levels of protection. I apologise to our customers for the inconvenience caused in 2016.”
For more information and media enquires please contact:
Chris Sibbald (Tesco Bank)
+44 (0) 7855955531
Tesco Bank’s goal is to make banking and insurance easier and better value for people who shop at Tesco. We’ve been around since 1997 and today we help more than 5 million customers manage their money every day. Our 4,000 colleagues serve our customers seven days a week from our three main centres in Edinburgh, Glasgow and Newcastle, and we are also available through online and mobile banking 24/7. Tesco Bank participates in the Chartered Banker Professional Standards Board.
Tesco Bank is a trading name of Tesco Personal Finance plc. Registered in Scotland No. SC173199. Registered Office: 2 South Gyle Crescent, Edinburgh, EH12 9FQ