Articles about banking

Financial Conduct Authority fines Tesco Bank £16.4m over 2016 security breach

The Financial Conduct Authority (FCA) has slapped a £16.4m fine on Tesco Bank for the security vulnerabilities that led to millions of pounds being pilfered from thousands of customers’ online accounts two years ago. As revealed by us at the time, Tesco called on the National Cyber Security Centre to probe the 5 November 2016 …
Paul Kunert, 1 Oct 2018

Perfect timing for a two-bank TITSUP: Totally Inexcusable They've Stuffed Up Payday

Updated It's Friday, it's payday, and UK online banking has once again come under fire, though if you're with TSB or HSBC you'll already know this. Reports of yet another British banking meltdown have been rolling in this morning. Of course the TSB app isn’t working on PAYDAY of all days fkn hell just let me see how much money I can …
Rebecca Hill, 28 Sep 2018
angry lego minifig man turns on anxious lego minifig man

Barclays and RBS on naughty step: Banks told to explain service meltdown to UK politicos

The influential Treasury Committee has demanded that banking execs at RBS Group and Barclays must explain why customers were again unable to access online services at the tail end of last week. On Thursday, 20 September, Barclays' systems were offline for hours, while the Royal Bank of Scotland, NatWest and Ulster Bank went …
Rebecca Hill, 24 Sep 2018
Pinky and the Brain

Silence! Cybercrime's Pinky and the Brain have nicked $800k off banks

A pair of cybercrooks who may have started out as legit infosec pros have expanded their operations outside Russia and begun attacking banks across the world. "Silence is an example of a mobile, small, and young group that has been progressing rapidly," Group-IB said, adding that the cybercrime group has shown signs of …
John Leyden, 5 Sep 2018

Bank on it: It's either legal to port-scan someone without consent or it's not, fumes researcher

Updated Halifax Bank scans the machines of surfers that land on its login page whether or not they are customers, it has emerged. Security researcher Paul Moore has made his objection to this practice – in which the British bank is not alone – clear, even though it is done for good reasons. The researcher claimed that performing port …
John Leyden, 7 Aug 2018
Burning a £20 note. Pic: Shutterstock

Tech Shutdown Blows: IT chaos cost Brit bank TSB almost £200m

IT meltdown bank TSB has today admitted that the week-long outage and its aftermath have cost it almost £200m. Reporting its results for the six months to 30 June 2018, TSB said that it had made a statutory loss before tax of £107.4m due to the impact of the failed IT migration from parent biz Lloyds' Banking Group's Systems …
Rebecca Hill, 27 Jul 2018
Annoyed user of cellphone / mobile phone

Outage outrage: TSB app offers users a TITSUP* encore

Updated A UK bank's website and mobile app have flatlined this morning – and there are no prizes for guessing which embattled financial firm is struggling. That's right, TSB is once again in the firing line as users took to social media to complain that they couldn't access their accounts via the mobile app or the website. The bank …
Rebecca Hill, 10 Jul 2018
EU flags against cloudy backdrop

Euro bank regulator: Don't follow the crowd. Stay off the cloud

An EU financial regulator has warned that banks moving to the cloud are at risk of vendor lock-in as well as transferring IT jobs to "subcontractors from high-risk areas". The EU Banking Authority, which regulates the financial regulators of member states, has issued a report looking at the risks of "fintech", the fashionable …
TSB bank in a UK high street

1,300 customers of Brit bank TSB defrauded due to botched IT migration

TSB's boss Paul Pester admitted that 1,300 people have been defrauded as a result of the bank's botched IT upgrade in April, in a second hearing in front of MPs. The Treasury Select Committee heard how some customers had tens of thousands of pounds drained from their accounts, while others had to wait up to nine hours on the …
Kat Hall, 7 Jun 2018
Spectre logo jazzed up

A Spectre flaw solution, Cloudflare blips, a bank cyber-heist in Canada, and more in infosec land

Roundup While we were busy chasing SpamCannibals, jailing Yahoo hackers, and blaming North Korea for everything else, there was some interesting security news going on. Let's have a look at some of the stories that didn't quite make Reg headlines. Boffins float a (sort of) fix for Spectre bug A group of researchers from TU Dresden in …
Shaun Nichols, 2 Jun 2018
Business man gets the fear

A Reg-reading techie, a high street bank, some iffy production code – and a financial crash

Code Red Though there has been much handwringing and finger-pointing over what caused the last financial crash, one Reg reader experienced at first hand the type of muppetry that no doubt played a part. The reader, who requested anonymity and so shall be called Bob, was a bright-eyed new recruit at an unnamed UK high street bank. His …
Richard Speed, 30 May 2018
TSB bank in a UK high street

TSB's middleware nightmare: Execs grilled on Total Sh*tshow at Bank

The boss of British bank TSB has insisted it carried out rigorous testing ahead of a systems migration that saw thousands without access to their accounts for over a week – but revealed he won't be getting a chunk of his bonus. In a heated evidence session in front of Parliament's influential Treasury Committee, …
Rebecca Hill, 3 May 2018
Old pound coins in a stack

Royal Bank of Scotland decision to axe 160+ branches linked to botched IT gig – Unite

Plans by the Royal Bank of Scotland to shutter 162 branches and slash 800 jobs were today pulled apart by union Unite, which accused the bank of "shambolically poor management" after claiming it spent £1.8bn on a failed IT project. For its part, RBS blamed the closures on its failure to find a buyer for 300 branches that were …
Kat Hall, 1 May 2018

Newsworthy Brit bank TSB is looking for a head of infrastructure

An exciting job advert has mysteriously appeared that is seeking a techie to head up infrastructure at TSB, just days after the bank's monumental and ongoing IT cockup began. The Register has asked TSB what the recruitment means for current infrastructure head Damon Yates, who is still listed as holding the role on LinkedIn – …
Kat Hall, 27 Apr 2018
TSB bank in a UK high street

TSB boss: We know everything's working, you just can't see that

In the latest update from TSB about its continued web wobbles, the British bank has told us that while it knows everything is working, punters might not realise that fact because... internet banking still isn't entirely working. Paul Pester, chief exec, said in a statement: The challenge we are facing at the moment is that …
Kat Hall, 25 Apr 2018

TSB outage, day 5: What do you mean you can't log in? Our systems are up and running. Up and running, we say!

Embattled bank TSB has claimed its IT systems are now "up and running" – despite many users still reporting they can’t get into their accounts. The bank’s online services have been down for almost a week, after TSB's planned migration off former parent Lloyds’ tech infrastructure – some five years after its split from the …
Rebecca Hill, 25 Apr 2018
bank

Critical infrastructure needs more 21qs6Q#S$, less P@ssw0rd, UK.gov security committee told

Banks could plug their security vulnerabilities by simply improving password protections, the deputy CEO of the Prudential Regulation Authority has told the House of Lords in England. Asked by the Joint Committee for the National Security Strategy what kept him awake at night, Lyndon Nelson named shared infrastructure and …
Kat Hall, 24 Apr 2018
from the great gatsby pic copyright: warner brothers

UK 'meltdown' bank TSB's owner: Our IT migration was a 'success'

TSB's Spanish owner Sabadell has proudly boasted about the success of its IT integration - amid widespread chaos for customers in Britain still grappling with the fallout out of a botched systems upgrade. Last weekend TSB was supposed to complete the move of its customers' data from Lloyds' IT systems. The bank split from …
Kat Hall, 24 Apr 2018

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