Articles about banking

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
power outage

UK.gov demands urgent answers as TSB IT meltdown continues

The government is demanding urgent answers over a botched systems upgrade at TSB that has locked out up to 1.9 million customers. The IT meltdown happened after a planned upgrade between 4pm on Friday 20 April and 6pm on Sunday 22 April as TSB migrated from former parent Lloyds Banking Group's systems to shiny new ones. TSB …
Kat Hall, 24 Apr 2018

Brit bank TSB TITSUP* after long-planned transfer of customer records from Lloyds

Updated UK bank TSB's efforts to upgrade its systems have left numerous customers without online banking services – and some report having unintentionally accessed different accounts' details. The organisation, which split from Lloyds Banking Group in 2013, chose this weekend to complete the move of its customers' data from Lloyds IT …
Rebecca Hill, 23 Apr 2018

Botched upgrade at Belgian bank Argenta sparks phishing frenzy

Belgian bank Argenta has apologised for a botched tech plumbing upgrade that delayed transfers and confronted customers with incorrect balance data. The bank, which has 1.4 million Belgian customers, blamed the problems on post-upgrade issues with the data transfer mechanism between its two data centres, among other things. …
John Leyden, 6 Apr 2018
Hand pulls on a latex rubber glove (disposable). Photo by shutterstock

Co-op Bank's shonky IT in spotlight as delayed probe given go-ahead

An inquiry into The Co-operative Bank's financial collapse is to open four years after it was first announced by former UK chancellor George Osborne. The Treasury today directed financial regulator Prudential Regulation Authority (PRA) to conduct a review into how the bank was regulated between 2008 and 2013, before a £1.5bn …
Kat Hall, 6 Mar 2018
Image by LuckyN http://www.shutterstock.com/gallery-1795121p1.html

Crims pull another SWIFT-ie, Indian bank stung for nearly US$2m

A year after the SWIFT international bank transfer system enhanced its security, another breach has emerged: an Indian bank has confirmed that criminals gained access to its systems and made transfers totalling US$1.8 million. The Kumbakonam-based City Union Bank issued a statement [PDF] on Sunday February 18, in response to …
Man dressed as Santa claus runs away with loot in a bag.

Barclaycard website goes TITSUP*

Updated Barclaycard has admitted it is experiencing technical issues, with users complaining they can’t log in online or on their apps. According to DownDetector, the UK-based credit card biz's website has been experiencing problems since 8.40am this morning, GMT, with more than 200 reports within an hour. Barclaycard said on Twitter …
Rebecca Hill, 11 Dec 2017

Sloppy coding + huge PSD2 changes = Lots of late nights for banking devs next year

Poorly written code is leaving banks at greater risk of attack and poorly prepared for big changes in the financial sector due to come into effect early next year. CAST, an organisation that reviews the quality of code for businesses, recently reviewed over 278 million lines of code and reveals that out of 1,388 applications, …
John Leyden, 8 Dec 2017

Royal Bank of Scotland culls 1 in 4 branches, blames the interwebz

Taxpayer-owned Royal Bank of Scotland Group is shutting 259 branches and slashing 680 jobs, blaming the shift to customers banking online. The closures involve 62 RBS and 197 NatWest branches. So next time the bank has an outage, customers living in areas where branches have shut will just have to resort to bartering. An RBS …
Kat Hall, 1 Dec 2017
A piggy bank in a pile of pound coins

Does UK high street banks' crappy crypto actually matter?

The Register's recent story about the failure of most UK high street banks to follow web security best practices has provoked a lively debate among security experts. Tests of six banks revealed sketchy support for HTTP Strict Transport Security (HSTS), a cryptographic technology introduced in October 2012 and designed to …
John Leyden, 16 Nov 2017
Thumbs down frownining emoticon

Frowns all round as Smile and Co-op online banking goes down

The online services for the Co-operative Bank and its digital-only arm Smile are both out of action. Users have been complaining about outages since 8.40am this morning, with hundreds of reports on DownDetector and multiple angry tweets aimed at the banks. Hello @bankwithsmile the website is saying there are technical …
Rebecca Hill, 6 Nov 2017

ATM fees shake-up may push Britain towards cashless society

Thousands of free-to-use cash machines could be axed from Britain's high streets due to plans to cut fees that fund the network, banking industry group LINK warned last week. LINK has a strategy to minimise the impact to consumers due to a proposed reduction in fees over the next four years from around 25p to 20p per cash …
John Leyden, 6 Nov 2017

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