Tag: bank hacks
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.
It’s a rare thing for a bank to suffer a data breach, but around this time last year people were left fearful after Tesco suffered a massive security breach in their banking branch.
Reportedly, around 40,000 Tesco Bank accounts were affected with money taken from some 20,000 accounts.
At least £2.5 million was stolen in what was deemed as one of the biggest, successful attacks on a bank to have ever occurred, and potentially the very first, large-scale attack where money was directly stolen from a bank.
Based in Milan, UniCredit Banca is the largest bank in Italy whilst maintaining a global reach with its banking and financial services. Unfortunately, the bank was subject to two security breaches that may have compromised hundreds of thousands of customers’ information.
It’s believed that hackers may have stolen personal data and certain financial information. Customer account numbers may be compromised but UniCredit has assured the public that account passwords were not accessed and therefore unauthorised transactions cannot be made.
Or so we hope…