You will have probably heard recently that Tesco bank was forced to suspend online banking for all its 136,000 customers after money, in some cases several thousand pounds, was stolen from accounts.
Although the number of customers affected was in the region of 20,000, Tesco has declined to reveal how the money was taken. It did say that personal data had not been compromised, leading some experts to suggest that the fraudsters had gained debit card details, or found a vulnerability in its app.
The National Crime Agency is investigating, but questions are already being asked about levels of security.
It has emerged that Tesco Bank used to issue customers with card readers – small devices that generate a unique passcode when you insert your card and key in your pin. These typically authorise your login and certain transactions. But the bank later moved to mobile phone verification, where it sends a code to your handset.
At FGS we see lots of clients who become targeted by fraudsters on a daily basis.
As standard practise our maintenance contract clients benefit from the latest benefits in cybercrime fighting technology delivered via our Managed Workplace AVG products, but companies still need to implement basic procedure to make sure their safe.
One thing everyone can do is to ensure that no one single person or director can make a payment.
I know this sounds ridiculous but recently we have found that hackers have cloned directors email accounts and sent emails to their accounts departments to pay sums of money to new suppliers.
As the email came from a director, the accounts team never questioned his authority. This on several occasions has resulted in fraudulent transactions taking place with values from £50 to £250,000 being taken from client as confidence grows.
This can be simply avoided by implement and sticking to Purchase Order procedures and normal payment terms/days.
Also for additional peace of mind its worth considering taking out a Cyber Liability Policy from L Wood and Co Ltd which could offer you protection against the unforeseen cost incurred with Cyber Crime such as Damage to Digital Assets: Costs to recollect recreate and reconstitute the digital assets of an insured which is damaged or lost, altered, corrupted, distorted or stolen and any other costs to prevent, minimise or mitigate any further damage.
Tom Wood from L Wood and Co Ltd frequently works with our clients to provide the best advice and cover for their business. For more information, please contact Tom@lwood.co.uk or call 01274 515747.
To find out how our AVG Managed Workplace products, can help you protect your business please give us a call at FGS Services to find out more.
Tel: 01274 973600 or email firstname.lastname@example.org