Hacking attempts against financial institutions are nothing new but it’s only when the attackers are able to break through the defenses do we get a glimpse of the absolute havoc that such incidents can cause. Tesco Bank – a financial institution based in the United Kingdom – has halted all online transactions today after some 20,000 of its account holders had their money stolen right out of their accounts following some “online criminal activity” over the weekend.

Tesco decided to halt online transactions after more than 40,000 of its over 136,000 account holders noticed what it described as suspicious transactions. A bank executive revealed to ITV News that 20,000 customers have actually had money stolen from their accounts.

In a statement released to the media, the bank said it can confirm that “over the weekend, some of its customers’ current accounts have been subject to online criminal activity, in some cases resulting in money being withdrawn fraudulently.”

The suspension has only been placed on online transactions so far. Account holders are still able to use other services like ATM withdrawals. However, the bank has confirmed that customers who saw fraudulent withdrawals from their accounts will be refunded “as soon as possible.”

An investigation is yet to be conducted into the matter to ascertain precisely how this cyberattack took place and who are the people behind it all.

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