Computer error misplaces payments of RBS and NatWest customers

Thursday 18 June 2015 00:46 CET | News

More than half a million RBS and NatWest customers have been exposed to the risk of not being able to use their money after a computer meltdown.

Around 600,000 payments worth millions disappeared after the IT systems which process the payment of wages, benefits and direct debits broke down. The error means workers who were due to be paid yesterday morning awoke to find their money had not gone into their accounts.

Royal Bank of Scotland, which owns NatWest, said it had ‘fixed’ the problem, but admitted those affected may have to wait to receive missing payments.

In 2012 as many as 12 million customers saw payments go missing as the result of another technical fault in the RBS computer system. A software update misplaced the transactions, meaning millions were left without having been paid. RBS was fined GBP 56 million for the error by the Financial Conduct Authority.

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Keywords: web fraud, online security, cybercrime, RBS, NatWest, financial institutions, banks, payments
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

Securing Transactions