Can Tesco Bank ever be trusted?
Discussion
Given that TB was originally an RBS white label it's probably logical to assume that their entire architecture is still RBS which means it will be a monumental pile of crap built by barely competent people who thought they were the greatest 
I personally wouldn't worry about TB, the fact that they are just a service branch under the core business brand does mean that they will sort this out for customers far quicker than a pure bank would necessarily be incentivised to do for fear of reputation all damage to their core business and brand.
The uncomfortable reality is that banks' IT is notoriously crappy and riddled with weak points that could be exploited and as cyber crime increases we will see more and more of these events with or without the use of a member of staff etc.
I personally wouldn't worry about TB, the fact that they are just a service branch under the core business brand does mean that they will sort this out for customers far quicker than a pure bank would necessarily be incentivised to do for fear of reputation all damage to their core business and brand.
The uncomfortable reality is that banks' IT is notoriously crappy and riddled with weak points that could be exploited and as cyber crime increases we will see more and more of these events with or without the use of a member of staff etc.
DonkeyApple said:
..... a member of staff etc.
That's where my mind went to. I'm wondering whether Tesco computers give staff access to both spending in store records AND banking records, making it super-easy for an inside connection to raid current accounts. The fraud seems to have been made through debit cards and not directly on Tesco online banking.C0ffin D0dger said:
Thing is so long as you get your money back what actual effect does it have on you as a customer. Not a lot I suspect. Their loss not yours.
This wouldn't put me off buying a Tesco Banking product if it was competitive.
Depends how quickly you get your money back. For some, a missed rent payment, tank of fuel, weekly food shop could be pretty catastrophicThis wouldn't put me off buying a Tesco Banking product if it was competitive.
feef said:
C0ffin D0dger said:
Thing is so long as you get your money back what actual effect does it have on you as a customer. Not a lot I suspect. Their loss not yours.
This wouldn't put me off buying a Tesco Banking product if it was competitive.
Depends how quickly you get your money back. For some, a missed rent payment, tank of fuel, weekly food shop could be pretty catastrophicThis wouldn't put me off buying a Tesco Banking product if it was competitive.
Can they be trusted? No. Their login process is amateurish. Your username is your email address and you select digits from a pin to get in. It's pretty much impossible to encrypt that properly, hence it's very vulnerable to the customer database getting compromised. I'm sure they'll get a whopping EU data protection fine (but maybe just a shrug of the shoulders instead after Brexit 
). Cut grocery supplier costs to the bone and you get salmonella chicken. Cut IT banking costs to the bone and you get hacked, I guess.
). Cut grocery supplier costs to the bone and you get salmonella chicken. Cut IT banking costs to the bone and you get hacked, I guess. Gassing Station | Finance | Top of Page | What's New | My Stuff