TSBs security issue causes surge in phishing scams

Tuesday 22 May 2018 11:05 CET | News

Action Fraud, the UK police’s dedicated fraud tracking team, has revealed a significant increase in reports about phishing attacks connected to TSB’s IT outage.

A total of 176 complaints have been received, or around ten a day since April 30, according to Wired. TSB’s banking meltdown, caused by a botched IT upgrade, still has not been remedied – nearly four weeks on.

With the bank’s staff overloaded trying to fix the problems that caused the outage in the first place, fraudulent transactions aren’t being tracked or checked as quickly as they should be. As a result, scammers and hackers are making thousands of pounds worth of savings from people’s accounts, using phishing attacks.

They send out mass texts and emails to customers with links to legitimate-sounding but fraudulent websites. Customers are encouraged to click a link and input their username and password to process their complaints against the company – and lose control of their bank account.

Moreover, it’s not just TSB - the number of phishing texts claiming to be from other banks such as Barclays and NatWest also seems to be on the rise, the online publication continues.

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Keywords: TSB Bank, Action Fraud, UK, mobile banking app, online banking, security incident, data breach, fraud prevention, phishing attacks
Countries: World

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