FCA fines Tesco Bank £16.4m after 2016 cyber attack

Tesco Bank failed to exercise due skill, care and diligence in protecting its personal current account holders in a "largely avoidable" attack that saw cyber criminals exploit deficiencies in the design of its debit card, its financial crime controls and the competence of its Financial Crime Operations Team. According to the regulator's 1 October enforcement notice, the attackers are understood to have used an algorithm that generated authentic Tesco Bank debit card numbers and, using those "virtual cards", they engaged in thousands of unauthorised debit card transactions. Tesco Bank ...