Tesco: settles with FCA over 2016 cyberattack case
(CercleFinance.com) - British retailer Tesco has agreed to pay 16.
4 million pounds (about 18.5 million euros) to settle a case with UK's Financial Conduct Authority over a fraud attack that affected the customers of its banking division.
In November 2016, Tesco Bank was the victim of a criminal fraud attack (which did not involve the theft or loss of any customers' data), but which led to 34 transactions where funds were debited from customer accounts.
The FCA blamed Tesco's failing to exercise due skill, care and diligence in protecting accounts, saying that the cyber attackers exploited deficiencies in Tesco Bank's debit cards.
Gerry Mallon, Tesco Bank Chief Executive, said the group has enhanced its security measures to ensure that henceforth customer accounts have the highest levels of protection.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
4 million pounds (about 18.5 million euros) to settle a case with UK's Financial Conduct Authority over a fraud attack that affected the customers of its banking division.
In November 2016, Tesco Bank was the victim of a criminal fraud attack (which did not involve the theft or loss of any customers' data), but which led to 34 transactions where funds were debited from customer accounts.
The FCA blamed Tesco's failing to exercise due skill, care and diligence in protecting accounts, saying that the cyber attackers exploited deficiencies in Tesco Bank's debit cards.
Gerry Mallon, Tesco Bank Chief Executive, said the group has enhanced its security measures to ensure that henceforth customer accounts have the highest levels of protection.
Copyright (c) 2018 CercleFinance.com. All rights reserved.