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Fraudsters Capitalise on TSB Customer Woes

Ross Kelly

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bank it failures

One month after TSB’s disastrous IT upgrades, customers of the UK bank are falling victim to fraudsters and phishing scams.

TSB customers are still struggling with services one month after the bank’s disastrous IT upgrades left millions without access to their bank accounts.

When TSB began upgrade work to move over one billion customer records away from the Lloyds operating system, the move went terribly wrong. Up to 1.9 million customers were locked out of their accounts. Weeks later, some customer still face issues with their banking and many have been subject to exploitation by fraudsters capitalising on the disarray.

Sharks in The Water

At the time of the upgrade issues, customers took to social media to complain about TSB services, with some customers noting that they had access to other peoples bank accounts – one TSB customer claimed he could access thousands of pounds deposited in another bank account.

In the midst of the confusion however, fraudsters have began trying their luck with confused customers. On May 24th, Action Fraud released a statement highlighting a surge in fraudulent activity.

Action Fraud has warned the public about a sharp rise in fraudsters sending out fake text messages and phishing emails claiming to be from TSB. Since the start of May, there have been over 320 phishing reports made to the organisation – a massive increase on the 30 reports made just one month before.

During the same one month period, reports of cybercrime to Action Fraud which mentioned TSB rose from 24 to 51.

Vigilance

Action Fraud’s Director, Pauline Smith, said: “We have seen an increase in opportunistic fraudsters sending text messages claiming to be from TSB that ask people to reply with their personal or banking details.

“This can have a devastating effect on people who can lose out on large sums of money.”

Smith recommends that members of the public remain vigilant to potential scams and to maintain a solid standard of personal security when operating online.

She said: “Don’t assume anyone who’s sent you a text message is who they say they are. If a text message asks you to make a payment, log into an online account or offers you a deal, be cautious and report it to Action Fraud.”

Responding to Threats

TSB said it is working alongside Action Fraud to protect customers from potential fraudsters and taking all necessary steps to ensure users are safe. A spokesperson said: “While our systems are safe and secure, unfortunately fraudsters are increasingly sophisticated and looking to take advantage of situations like these by approaching customers.

“Protecting our customers’ information is our number one priority. We are doing all we can to ensure customers don’t become a victim of fraud, whether they bank with us in branch, online or via the telephone and this is something we are working on with Action Fraud and a number of external organisations.”
TSB also said it is “working with these organisations to help them identify fraudulent sites so we can take them down as quickly as possible.”

Ross Kelly

Staff Writer

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