The fine details are still murky, but news surfaced in the last day or two that Tesco Bank, a U.K.-based bank owned by the Tesco supermarket chain, suffered some sort of widespread fraud.
The bank’s CEO, Benny Higgins, told Radio 4 that around 40,000 of the bank’s 7 million accounts had seen “some sort of suspicious transactions.” Of those, around 20,000 customers have actually lost money from their bank accounts. In the interview, the CEO told the BBC he was “very hopeful” that customers would be refunded the lost funds. What he didn’t say is that I am sure he is also “very hopeful” that once this all washes up he and his IT team will still have jobs.
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