“It is unacceptable for banks not to keep our accounts safe.”
UK Bank TSB’s unending IT nightmare is beginning to take a toll on the bank’s financial health. Analysts say the chaos caused by the botched IT upgrade will cost tens of millions of pounds in fines and compensation. And that’s based on the rosy assumption that the problems the upgrade has caused will be remedied in the near future. For the moment there’s little sign of that happening. And this nightmare has been dragging on for a month now — April 24: “Day 5”, April 30: “Contagion Fears,” and May 6: “Internal Revolt.”
Many TSB mortgage account holders are still unable to access their online accounts while business customers continue to have difficulty making online payments, The Guardian reported. Some credit card customers are still being wrongly informed that payment of £0.00 will be taken, while the bank’s internal secure messaging service remains unavailable. To compound matters, a growing number of the bank’s branch and other front-line workers, many of whom have had to bear the brunt of customer ire over the past four weeks, are close to the end of their tether.
As if that wasn’t enough, fraudsters have now begun targeting the online accounts of TSB customers, some of whom have logged into their accounts to discover their savings have vanished in a series of payments they did not make. They are then left on hold for hours when they try to complain to the crisis-plagued bank.
“When a [big IT] ‘change’ goes wrong and so publicly like TSB’s, it’s like cyber blood in the water,” Ian Thornton-Trump, chief technical officer of Octopi Managed Services, an IT company, told Wired…