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UK: Tesco Bank faces huge fine from FCA

 |  September 25, 2018
Tesco’s banking arm is facing the Financial Conduct Authority’s (FCA)’s biggest-ever cyber attack-related fine two years after its online services were hacked by criminals attempting to steal funds from customers, reported Finance News.
Tesco Bank is believed to be contesting said fine in active talks with the FCA, which could be lessened to a “substantially lower” amount within the next few weeks, reported Sky News. According to a legal insider, there is no guarantee that the issue could be resolved swiftly.

However, once it goes ahead, the fine is likely to be the largest ever amount that is issued by the FCA in terms of cyber attack-related crimes.

It follows an incident in November 2016 when Tesco Bank was forced to suspend all online transactions after it detected criminals trying to access its services.

The lender revised the number of customers whose savings were stolen downwards from initial estimates of 40,000, to 20,000.

Full Content: Finance

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