News
Britain’s biggest banks report 64 payment outages in last three months
16 Aug 2018

Britain’s five biggest banks had a total of 64 security or operational incidents that cut customers off from telephone, mobile or online banking in the second quarter of 2018, according to disclosures on the banks’ websites.

New rules from the Financial Conduct Authority (FCA), which came into effect on Wednesday, require banks to disclose payment service outages caused by cyber attacks or other disruptions.

The FCA’s action shows how banks’ digital operations are increasingly in focus as consumers do more phone or online banking, making them potentially vulnerable to a serious IT outage or hack.

Lloyds Banking Group (LLOY.L) had 19 of these incidents, with most hitting internet banking, while Barclays (BARC.L) reported 18, Royal Bank of Scotland (RBS.L) 16 and HSBC (HSBA.L) seven. Santander UK (SAN.MC) reported four.

The disclosures do not say what caused the outages, but some banks noted that in some cases the incidents only affected internal systems or limited numbers of customers.

“The vast majority of cases were very small incidents which were resolved quickly without customers experiencing any detriment to their service,” a Lloyds spokesman said.

A Barclays spokesman also said the incidents had a minimal impact on customers and were addressed immediately.

RBS’s systems were resilient and the bank had made significant investments in them, but it was nevertheless working to minimise disruption, a spokesman for the bank said.

– By Emma Rumney, Reuters, 15 August 2018.

Link to Reuters.

Image: www.solvencyiiwire.com

You can claim CPD minutes for this content, by signing up to our CPD Wallet

FREE CPD Wallet

You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.