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A city watchdog has launched a stinging attack on TSB chief Paul Pester for portraying "an optimistic view" of its catastrophic IT meltdown in April that prevented 1.9 million customers from using online bank services.
[...] "For example, TSB referred to 'the vast majority' of customers being able to access their online accounts, at a time when there was a successful first-time login rate of only 50 per cent on the web channel."
[...] TSB planned to shift off LBG's infrastructure after it was bought by Spanish bank Sabadell for £1.7bn in 2013. At the time, Sabadell estimated the system switch would save the bank some £160m a year.
[...] Following the incident, a number of customers fell victim to fraud via phishing calls, emails and texts sent by scammers purporting to be TSB and asking them to verify their bank details.
A TSB spokeswoman said: "We look forward to updating the committee on the work TSB has undertaken to resolve problems for customers since our last appearance.
"We recognise that we have more to do to restore the bank's operations to the level that customers expect and are completely focused on that and ensuring customers are not left out of pocket."
related: Warning Signs for TSB's IT Meltdown were Clear a Year Ago
(Score: 2) by PiMuNu on Thursday June 07 2018, @08:56AM (1 child)
It reminds me of how reliant we are on banking infrastructure. At the end of the day, many folks have significant (majority of) assets tied up in the banks. If the banks lose that data due to IT "meltdown", what happens?
(Score: 2) by bob_super on Thursday June 07 2018, @05:02PM
People like me would just bring their archived bank statements to the FDIC and get their money back.
Oh, you went "paperless" ? Tough luck !