Yahoo Finance Tesco Bank cancels credit cards of customers amid fraud scare
Tesco Bank has cancelled the credit cards of a number of its customers amid a fraud scare.
The bank said only a “tiny proportion” of cardholders were affected and that they were being alerted by text to the issue.
Their card has been cancelled with immediate effect and a new one is being sent out – but it could take up to a week for it to arrive.
MORE: Tesco apologises for taking card payments 3 months after customers shopped
The bank has about 3 million credit card customers, although it has not revealed exactly how many have been caught up in the situation.
It has reassured customers that no money has been lost nor accounts compromised.
“We take the security of our customers’ accounts very seriously and take every measure possible to protect customers from fraudulent activity,” a spokesperson said.
MORE: Raid on 20,000 Tesco Bank accounts fuels cybercrime fears
“As a result of routine industry-wide fraud protection measures, we have reissued a number of credit cards as a precautionary measure.
“We apologise to our customers for any inconvenience caused as a result.”
It is understood the bank was alerted to some kind of suspicious activity by a third party but a spokesman said he could not go into detail.
MORE: 8 steps you can take today to better protect yourself from identity theft
In November 2016, Tesco Bank revealed some 9,000 current account holders had fallen foul of cyber criminals who stole an estimated £2.5m over one weekend from online accounts. All money stolen during the incident was refunded.
It was reported at the time that the attack was carried out by thieves using mobile phones that used stolen Tesco Bank data to set up contactless payment accounts.
Hannah Maundrell, editor in chief of money.co.uk, said of the credit card scare: “Unfortunately, credit card fraud is on the rise, and everyone needs to be extra vigilant to make sure their money stays safe.
“Your bank will never contact you by email asking you for your personal details. If you receive a call from your bank asking you to confirm your personal details and you weren’t expecting a call, hang up and call the bank back.
“Remember to check your credit report regularly for searches you can’t explain and if you spot any unusual transactions tell your bank immediately.”
