Commenting on the news that Tesco Bank has halted online payments for current account customers after money was fraudulently taken from 20,000 accounts, Tashema Jackson, money expert at Uswitch.com, said: “It’s been a weekend of chaos for Tesco Bank customers who have been left out of pocket by fraudsters, with thousands unable to make online payments. While the bank has pledged to refund those affected, poor communication over the weekend will likely have frustrated many customers.
“As well as being a blow for Tesco Bank, there could also be knock on effects for other challenger banks wanting to take market share from the high street banks. A security failure of this nature could mean challengers, who already face an uphill battle convincing customers to switch, may find concerns around security will further put people off making that step away from their current bank.
“In the meantime, it is important that consumers stay vigilant and keep their eyes peeled for any suspicious activity. Tesco Bank customers who have had their online payments frozen and are due to make one today should contact the company or person they’re paying, and let them know there may be a delay. This is especially important for those making credit card, loan, or mortgage repayments, as failure to make that payment could impact your credit file.”
For further advice on how to protect yourself from fraud and how to spot any tell-tale signs of criminal activity, you can visit www.uswitch.com/scam-aware.
Find out how you could save over £1,000 a year with Uswitch here.
FOR MORE INFORMATION
Rory Stoves
Phone: 020 3872 5613
Email: rory.stoves@uswitch.com
Twitter: @UswitchPR
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