UK financial institution clients issued warning after ‘knowledge breach’ – ‘name this quantity’
A major technical glitch affected Lloyds customer accounts recently
UK bank customers have been warned to be vigilant(Image: Getty)
Lloyds Bank customers have been warned to stay alert following a serious technical blunder where people could view other customers’ account information. In a concerning widespread fault, numerous customers logging into their accounts online reported seeing strangers’ account numbers, balances and transaction histories.
Bank customers are now being advised to review their cybersecurity measures and remain cautious if you are contacted unexpectedly. On the morning of Thursday, March 12, customers with Lloyds Bank, Halifax and Bank of Scotland, all under the Lloyds Banking Group umbrella, shared how they could see other people’s financial details.
Money expert Martin Lewis discussed the significant incident on his BBC podcast, describing it as “clearly a breach of data privacy”. In a statement posted on social media following the incident, Lloyds said: “On 12 March, a limited number of customers using our app may have briefly seen transactions that weren’t theirs due to an internal IT change.
“We’re very sorry this happened. No action is needed and there was no account security issue. We’ve identified the affected customers and will contact them to provide further information.”
Likely a data breach
In a reply to one specific customer, Lloyds offered additional details about the mishap. The group explained: “On 12 March some customers logged in between 3:30am–8:08am briefly saw incorrect transactions due to an internal change.
“It was fixed quickly and no one had access to anyone else’s account. If you’d like us to check, please message us 24/7 in the app.” Andy Pickett, chief technology officer at comparison site The Business Hub, said: “While it hasn’t officially been confirmed as a breach yet, it likely will be.
“This is quite an unusual situation at this scale for a bank. While identity fraud and cyber attacks typically come from external sources, banks are usually very methodical in their app and online platform development.” He described this incident as being “on a larger scale” than you would typically expect from a banking institution.
Customers are the biggest target
Lloyds customers may be concerned about the security of their accounts and personal information following this significant error by the provider. Mr Pickett urged people to give some thought to their broader online security.
He said: “Customers still remain the biggest target when it comes to fraud and scams. Since this cybersecurity risk lies with the bank, the only thing the public can do is take precautions themselves.”
The technology expert offered some cautionary advice. He said: “You should never continue a phone conversation if contacted directly by a bank or lender. Instead, you should hang up and call back using the official number listed on the bank’s website.
“AI-driven phone calls, video impersonation, and voice cloning are the latest wave of attacks, so it’s critical that people stay informed and share knowledge of these threats.”
Risks are inevitable
Mr Pickett expressed surprise at this incident, noting that FCA regulations (Financial Conduct Authority) require banks to adhere to stringent guidelines when bringing in changes, in order to prevent glitches such as this one. However, he acknowledged that any system changes made by a bank provider inevitably come with some risks.
Mr Pickett said: “Change is required to move technology forward and, importantly, to stay ahead of cyber threats. However, no matter how strong the process, change inevitably introduces elements of the unknown.
“Strict change control practices can significantly reduce risk, but they can never eliminate it entirely.”
