"The Money Has Vanished": Tesco Bank Halts Online Payments After Cash Taken Out Of 20,000 Accounts.

By Tyler Durden

Zero Hedge reports on the major online criminal activity at the Tesco Bank, quoting Cliff Moyce, Global Head of Finance Practice at DataArt, on the issues of security and timing.

“As Bloomberg notes, some of the world’s biggest financial institutions, including JPMorgan Chase & Co., HSBC Holdings Plc and the Federal Reserve Bank of New York, have all been cyberjacked in some way in the past couple of years. In the second quarter of this year, there was a 50 percent jump in activity by cybercriminals injecting malware programs into financial companies worldwide from the same period in 2015, according to Kaspersky Lab, a global cybersecurity company.

"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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