{"id":65922,"date":"2016-11-18T11:06:45","date_gmt":"2016-11-18T19:06:45","guid":{"rendered":"https:\/\/securingtomorrow.mcafee.com\/?p=65922"},"modified":"2025-08-19T09:29:33","modified_gmt":"2025-08-19T16:29:33","slug":"tesco-bank-2016","status":"publish","type":"post","link":"https:\/\/www.mcafee.com\/blogs\/internet-security\/tesco-bank-2016\/","title":{"rendered":"21st Century Bank Heist Strikes Tesco Bank, Could Portend Future Attacks"},"content":{"rendered":"<p><u><\/u><u><\/u><u><\/u>Last Tuesday, as Americans were filling out their ballots, about 40,000 U.K. citizens were left wondering what happened to their bank accounts. Tesco Bank, the banking arm of a large supermarket chain, stopped all online transactions for its 140,000 customers the day before. The reason, <a href=\"https:\/\/www.theguardian.com\/business\/2016\/nov\/08\/tesco-bank-cyber-raid-unprecedented-financial-regulator-fca\" target=\"_blank\" rel=\"noopener\">The Guardian reports<\/a>, was simple: a large sum of money was transferred to Spanish and Brazilian accounts without customer knowledge or approval.<\/p>\n<p>It was a cyberattack. One compromising not just bank accounts, but also the confidence of security between a bank and its customers. It\u2019s not the first time this has happened and it probably won\u2019t be the last. It is, however, a sign of things to come: cyberattacks on banks through a variety of methods.<\/p>\n<p>In this case, the cybercriminals made away with about 2.5 million pounds (roughly $3.1 million USD) from 9,000 customer accounts, according to <a href=\"http:\/\/www.theregister.co.uk\/2016\/11\/10\/tesco_bank_breach_analysis\/\" target=\"_blank\" rel=\"noopener\">The Register<\/a>. They also left behind a confused security community, which wondered just how so much money could be stolen with so little indication as to how it was done. The bank, according to reports from <a href=\"http:\/\/www.securityweek.com\/tesco-bank-hack-still-mystery\" target=\"_blank\" rel=\"noopener\">SecurityWeek<\/a>, knew \u201cexactly\u201d how the attackers managed to breach its systems, though it refuses to give details due to an ongoing criminal investigation.<\/p>\n<p>Now, it usually takes weeks, if not months, for even the largest organizations to identify and verify attack methods and actors. That said, this case doesn\u2019t demonstrate the usual discovery timeline. Curiously enough, Tesco isn\u2019t even calling the attack a \u201chacking\u201d incident, and insists their systems weren\u2019t compromised. So what, exactly, is going on?<\/p>\n<h2>Theories Regarding the Attack<\/h2>\n<p>There are several theories on how this attack could\u2019ve taken place. All of them are plausible, though we won\u2019t know until Tesco either gives an official statement or criminal charges are pressed against the attacker(s). Still, it may behoove us to understand just how an attack like this could happen and what banking customers can do to defend themselves.<\/p>\n<p>The first possibility is<a href=\"http:\/\/searchcompliance.techtarget.com\/feature\/Mitigating-insider-threats-remains-a-major-cyber-concern\" target=\"_blank\" rel=\"noopener\"> the insider theory<\/a>. This theory suggests an inside threat\u2014a disgruntled employee with administration privileges, for example\u2014worked with a team of cybercriminals to conduct the heist. These types of threats are notoriously difficult to defend against, as most inside threats come from lack of attentiveness, not malice. Still, it could explain why Tesco was able to detect the breach\u2019s origins so quickly.<\/p>\n<p>Second, there\u2019s the third party theory. This theory suggests a compromised <a href=\"http:\/\/www.theregister.co.uk\/2016\/11\/16\/tesco_bank_breach_competing_theories_analysis\/\" target=\"_blank\" rel=\"noopener\">third-party organization<\/a>, tied to Tesco Bank, led to the incident. It\u2019s certainly possible. Last year, chain retailers, restaurants and hotel chains suffered breaches thanks to weaknesses in their preferred <a href=\"http:\/\/www.usatoday.com\/story\/tech\/news\/2016\/08\/08\/oracle-point--sale-system-breached-report\/88402014\/\" target=\"_blank\" rel=\"noopener\">point-of-sale systems<\/a>. This means responsibility for a breach could very well lie with a partnering organization.<\/p>\n<p>Third, is the <a href=\"http:\/\/www.bbc.com\/news\/technology-37974776\" target=\"_blank\" rel=\"noopener\">brute force theory<\/a>. This theory suggests cybercriminals used a simplistic technique called a \u201cbrute force attack.\u201d Essentially, attackers would use programs to automatically test thousands of login and password combinations, allowing it to discover thousands of valid ones.<\/p>\n<p>This third theory is plausible. If true, though, it\u2019d cast a lot of doubt on Tesco\u2019s ability to secure its assets. For one, such an attack requires a security oversight allowing virtually unlimited guesses for username\/password combinations. It begs the question that if the bank failed to prevent such a simple attack, then what else is vulnerable?<\/p>\n<p>Regardless, this likely won\u2019t be the last large scale cyberheist. Banks are prime, though hardened, targets with lucrative rewards. 2016 has seen other attempted bank robberies, including one which nearly saw<a href=\"https:\/\/www.wired.com\/2016\/05\/insane-81m-bangladesh-bank-heist-heres-know\/\" target=\"_blank\" rel=\"noopener\"> $951 million stolen from Bangladesh\u2019s central bank<\/a>. 2017 will likely see more.<\/p>\n<p>So what should you do if your bank of choice were to fall victim to a cyberattack? Well, there are a few things you should take into consideration:<\/p>\n<ol>\n<li><strong>Change your password as soon as possible. <\/strong>If your bank ever suffers from a cyberattack, you will need to change your password. Use a strong, complex password at least eight characters long with numbers, symbols and uppercase and lowercase letters. Using a password manager is an easy way to generate and manage complex passwords.<\/li>\n<li><strong>Avoid emails purporting to be from your bank. <\/strong>Banks are a particularly sensitive institution in our lives. They hold our money and therefore our attention. So it\u2019s easy for crooks to take advantage of that attention by posing as these institutions to reel in users\u2019 banking data. <strong>Never<\/strong> respond to an email from your bank that demands you surrender sensitive information. This is not your bank: it is a <a href=\"https:\/\/blogs.mcafee.com\/consumer\/phishing\" target=\"_blank\" rel=\"noopener\">phishing attack<\/a> \u2014 an attack method designed to trick users into giving up sensitive information. Just delete the email and follow the next tip.<\/li>\n<li><strong>Call your bank.<\/strong> Call your bank if it has been compromised or if you believe your account is. Direct calls to your bank can help ensure you\u2019re getting valid information directly from the source, and can prepare you for whatever adjustments your bank may need to make. Calling can also help clarify any questions you may have when it comes time to update your account.<\/li>\n<\/ol>\n<p>And, of course, stay on top of the latest consumer and mobile security threats by <a href=\"http:\/\/www.twitter.com\/garyjdavis\" target=\"_blank\" rel=\"noopener\">following me<\/a> and <a href=\"http:\/\/www.twitter.com\/mcafee_home\" target=\"_blank\" rel=\"noopener\">@McAfee_Home<\/a> on Twitter, and &#8216;Like&#8217; us on <a href=\"https:\/\/www.facebook.com\/McAfee\" target=\"_blank\" rel=\"noopener\">Facebook<\/a>.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-43387\" src=\"https:\/\/securingtomorrow.mcafee.com\/wp-content\/uploads\/gary1.jpg\" alt=\"gary\" width=\"150\" height=\"150\" srcset=\"https:\/\/www.mcafee.com\/blogs\/wp-content\/uploads\/gary1.jpg 150w, https:\/\/www.mcafee.com\/blogs\/wp-content\/uploads\/gary1-32x32.jpg 32w, https:\/\/www.mcafee.com\/blogs\/wp-content\/uploads\/gary1-64x64.jpg 64w, https:\/\/www.mcafee.com\/blogs\/wp-content\/uploads\/gary1-96x96.jpg 96w, https:\/\/www.mcafee.com\/blogs\/wp-content\/uploads\/gary1-128x128.jpg 128w\" sizes=\"auto, (max-width: 150px) 100vw, 150px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last Tuesday, as Americans were filling out their ballots, about 40,000 U.K. citizens were left wondering what happened to their&#8230;<\/p>\n","protected":false},"author":674,"featured_media":161701,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10667,10661],"tags":[3946,76,142],"coauthors":[3973],"class_list":["post-65922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-security-news","category-internet-security","tag-credit-card-fraud","tag-cybercrime","tag-tag-identity-theft"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>21st Century Bank Heist Strikes Tesco Bank, Could Portend Future Attacks | McAfee Blog<\/title>\n<meta name=\"description\" content=\"Last Tuesday, as Americans were filling out their ballots, about 40,000 U.K. citizens were left wondering what happened to their bank accounts. 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