7 November 2016
Tesco Bank hack: why you're more at risk of being targeted at the weekend
The Telegraph reports on the what's believed to be the biggest cyber attack on a British bank to date, offering commentary from Cliff Moyce, global head of the Finance Practice at DataArt.
“While banks' electronic fraud detection systems can raise alarms at any time, for the bank to take drastic action - such as halting payments from or to specific accounts - requires managerial intervention, according to fraud experts. And on the weekend these human managers are not at their desks.
"Tesco's systems are likely to have picked up the irregular activity early on but that would not be enough to stop certain transactions," said Cliff Moyce of DataArt, the technology firm, said.
"Alerts are likely to have been sent to certain key staff who in turn would need to contact senior managers who were unlikely to be working.
You can report fraud anytime, but at the weekend the decision-makers will not be available.”