Tesco Bank Halts Online Trades as Money Taken From Accounts

The Washington Post follows the story of Tesco Bank fraud, offering commentary from Cliff Moyce of DataArt.

“About 40,000 of the bank’s 136,000 checking account holders experienced suspicious transactions over the weekend, Tesco Bank Chief Executive Officer Benny Higgins told BBC Radio 4’s Today program. About half of those had money taken from their account, he said. The problem has only affected checking accounts, a representative for the bank said.

The crime was committed at a time “when banks are typically understaffed and will respond more slowly,” Cliff Moyce, global head of financial services at consultant DataArt, said by e-mail. “Automated fraud detection systems appear to have worked well, but a lack of people at desks will not have helped.”

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