Tag: bank hacks
Recent coverage has revealed that action taken by bank employees and police prevented some £45m of fraud in 2020, saving customers from the loss of an average of almost £6,000 each. The figure is a testament to the success of the Banking Protocol scheme that encourages banks and the police to work together to protect consumers.
However, the huge £45m sum is also a sign of the scale of fraud in the UK. As leading, specialists in data protection law, we believe that the link between data breaches and fraud is a problem that needs to be addressed. When a third-party organisation fails to protect your personal information, it may be leaked into the hands of cybercriminals, who may attempt to steal from you via various kinds of manipulative scams.
We believe that it is essential that all data controllers are held to account when they fail to observe their legal duties. We have helped thousands of consumers to recover the compensation that they deserve, so we encourage any data breach victims to come forward for free, no-obligation advice on their potential claims.
Victims could be eligible to claim compensation for identity theft that has arisen from a data breach, data leak or a cyberattack event, and we can offer No Win, No Fee representation.
Data breach compensation pay-outs for legal cases like this can account for any financial losses incurred, but they can also account for the distress you suffer as well. It can be incredibly worrying for your information to be in the hands of criminals, and the law can entitle you to receive compensation for the distress you suffer from the loss of control of your private information.
This means that, even if you lost nothing or had your money returned, you could still be eligible for a claim.
We can offer No Win, No Fee representation for victims who claim compensation for a financial information data breach with us.
Although we often talk about claiming for the distress of a breach, those who lose money can be entitled to recover what has been lost as well. This is in addition to the distress for the fact that the breach has happened in the first place.
With the number of cyber incidents in the financial services sector said to be increasing, this is an important area for us to offer our expert advice and services for.
Data suggests that there’s been a rise of funds transfer fraud (FTF) in the UK, and with real-time and faster payment processes commonplace these days, we’re not surprised.
Incidents of funds transfer fraud can be linked with data breaches as well. Whether it’s a bank or financial institution that’s hacked – the Tesco data breach being one example – or a scam that’s linked to a data breach, we have to ask the question: what more could have been done, and who’s responsible?
It can only take a little bit of information in the wrong hands to do some serious damage. People have fallen victim to scams that are directly related to big data breach incidents. A rise in FTF is a concern.
We may be able to offer you a No Win, No Fee arrangement for a banking data breach compensation claim.
The risks of falling victim to a banking data breach are obvious. With so much ease of access to our finances, it can be simple for hackers and criminals to exploit the ease of access to steal money directly from accounts.
Although you have a duty to ensure that you’re vigilant to avoid giving information to hackers, there are ways criminal can get hold of information and use it against you. If your information has been leaked, breached or hacked, you may be eligible to make a claim for data breach compensation if a bank is responsible.
There are rising financial services data breach incidents, according to the number of reports that have been made to the Financial Conduct Authority (FCA).
In 2018, it’s understood that the number of data breaches that had been reported to the FCA had increased by a monumental 480%.
With May 2018 seeing the introduction of the new GDPR rules, punishments that can be issued for data incidents can amount to millions. On top of that, victims can be entitled to make a claim for compensation. Financial services data breach compensation amounts can be high, depending on the nature and severity of the incident.
The massive November 2016 Tesco data breach has led to a ground-breaking fine issued in the sum of £16.4m.
The fine has been issued by the Financial Conduct Authority (FCA). It’s understood that this is the first time that the FCA has issued a fine for an online fraud incident.
The level of the fine is thought to reflect the severity of the Tesco data breach. This was an avoidable incident that arose from Tesco’s lax security. The incident led to customers of Tesco Bank losing millions of pounds in stolen funds.
As remote working continues to grow in popularity, adding massive flexibility for organisations, mobile working data breach worries are not being properly addressed.
According to a recent study, almost all (95pc) of businesses still struggle to secure mobile working, leaving both employees and the organisation on the whole at risk of mobile working data breaches. The study also said that one-third of businesses have suffered a data breach or a data loss as a result of mobile working, with one-in-five suggesting that mobile workers themselves simply don’t care about security. This is particularly shocking.
The information gleaned from this study is hugely concerning.
The recent TSB data breach issue will lead to compensation claims after the bank promised that no customer will be left out of pocket.
The huge TSB data breach was caused when a system upgrade went horribly wrong, leaving countless TSB customers unable to use their banking facilities online for several weeks. The system failures also led to serious data breaches where customers were able to see the personal details of other customers, and some customers’ funds and transactions appeared and disappeared in the accounts of others.
TSB’s promise to those affected should mean successful compensation claims.
Swedish prosecutors initiated a huge trial after a number of private and public organisations were hacked. Eight people are reportedly standing on trial for the criminal charges that saw at least 40 million Swedish kronor (£3.6 million) stolen or mishandled.
If convicted, the alleged perpetrators could face eight years in jail for their criminal conduct. The exact number of victims has not been confirmed.
The criminal hacker group reportedly hijacked computers and set up social engineering attacks to steal money from a number of organisations and individuals. The Swedish Prison and Probation Service was hit by a breach, along with 20 companies, four banks, a number of law firms, and private individuals also.