The internal operation of the cyber attack against the Tesco bank had a charge of 2.2 million pounds stolen by 9,000 customers and fined more than 16.4 million pounds for failure to enforce it.
The Financial Intermediary Agency (FCA) imposed a fine of 16 million pounds on the bank and Tesco Bank said "we are not exercising skills, care and due diligence" to protect account holders from cyber attacks.
Two years after the incident, the exact identity of the cyber criminals is not yet known, but the FCA's recent report on the Tesco bank's attacks explores how hackers recover 2 million pounds in 48 hours in November I explain. 2016
Attack began at 02:00 on Saturday, November 5, 2016. At 4 AM, Tesco Bank 's fraud detection and analysis system began sending automated text messages to bank account holders to call "suspicious activity" on accounts.
Along with the increase in fraudulent activity, the call passed quickly to Tesco Bank's fraud prevention line as well. Tesco Bank's control stopped about 80% of unapproved transactions, but this attack affected 8,261 out of the TISCO Bank's individual current account balance of 131,000.
An attacker probably used an algorithm that generated a real Tesco Bank debit card number and tried thousands of illegal debit card transactions using these virtual cards.
According to the FCA, the failure of the Tesco bank includes how the bank distributed the numbers violated by the debit card number and the response to the attack. It was taken almost one day after discovery.
Many of Tesco Bank 's security management deficiencies claim that customers are vulnerable to cyber attackers, according to FCA' s analysis of cases where Tesco Bank reported other financial institutions.
Miss Design of Tesco Debit Card Banks play an important role in creating security vulnerabilities and thousands of customers' accounts have been lost. One of them related to the PAN number which is the 16-digit card number sequence used to identify all debit cards.
Tesco Bank incorrectly issues a debit card with a series of serial numbers. This raised the probability …
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