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Jdog

The TSB scandal

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A massive story which still really hasn't peaked or hit the headlines yet.

Their IT switchover last month left millions unable to log on or do any internet banking, for about 4 weeks , this of course has left to great distress and fuckoffedness , with people not knowing what's been paid and what hasn't ,DD bounced, standing orders unpaid etc etc ...but that's not the big f**k up ,the big f**k up is that, that IT meltdown and resulting Internet blackout left fraudsters walk in, and have been currently robbing thousands of their cash, savings everything!

TSB is currently very apologetic as bout it all but won't take responsibility..

I get the feeling the Government doesn't won't a banking scandal and the ensuring 'run on the bank's

But, with people leaving TSB in droves and complaints to the ombudsman piling up, how long before this blows wide open?

 

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I'm awaiting someone on here recommending buying loads of TSB shares, it's a no brainer. What I don't understand is within the first day or so of the f**k up they couldn't have just switched back to the old system and spent some time finding out what went wrong. 

P.S. Very clever scam here, unless it was an inside job.

https://www.moneysavingexpert.com/news/banking/2018/05/i-lost-17000-from-my-tsb-account-after-fraudsters-call

Edited by welshbairn

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When RBS had their big issue a couple of years ago it was allegedly  due to fraudsters and hackers.  They did a great job covering it up and I expect TSB to follow suit.

 

 

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21 minutes ago, Dindeleux said:

When RBS had their big issue a couple of years ago it was allegedly  due to fraudsters and hackers.  They did a great job covering it up and I expect TSB to follow suit.

 

 

That won't work, as they have already admitted that their IT "upgrade" went tits up ...but they didn't bargain for the fraudsters using that 4 week f**k up as an ideal chance to pretend to be TSB customer service on , Phone, Mail,Email,Twitter, Facebook etc ..and robbing 1000s 

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28 minutes ago, Jdog said:

That won't work, as they have already admitted that their IT "upgrade" went tits up ...but they didn't bargain for the fraudsters using that 4 week f**k up as an ideal chance to pretend to be TSB customer service on , Phone, Mail,Email,Twitter, Facebook etc ..and robbing 1000s 

TSB will not be held culpable for anyone who falls foul to a bog standard phishing scam as you describe it.

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6 minutes ago, Billy Jean King said:

TSB will not be held culpable for anyone who falls foul to a bog standard phishing scam as you describe it.

How was the link I posted a bog standard phishing scam? She didn't give him any details on her identity or account,  and during the call she got a 6 digit number by text that she read out.

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19 minutes ago, Billy Jean King said:

TSB will not be held culpable for anyone who falls foul to a bog standard phishing scam as you describe it.

Here's the rub, bog standard scams usually don't work when your banking has no issues, 99% of people wouldn't fall for fraudster Calls ,emails or Phishing sites wanting all your details, but!..if you're one of the millions of TSB customers who for the last 4-6 weeks have been unable to view their account or speak to anyone for the last 6 weeks because their lines are swamped, but maybe sent a complaint via email, automated voice or letter,then if you did get a call from someone claiming to be from the TSB and was going sort everything out for you, then their are going to be a HUGE number more people who get fucked by that than normal.

And the shit will hit the fan on this.

 

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3 hours ago, welshbairn said:

How was the link I posted a bog standard phishing scam? She didn't give him any details on her identity or account,  and during the call she got a 6 digit number by text that she read out.

I never even read your link hence why I wasn't responding to it (the clues in who you quote). I was responding to the con as described in the post I quoted !!!

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3 hours ago, Jdog said:

Here's the rub, bog standard scams usually don't work when your banking has no issues, 99% of people wouldn't fall for fraudster Calls ,emails or Phishing sites wanting all your details, but!..if you're one of the millions of TSB customers who for the last 4-6 weeks have been unable to view their account or speak to anyone for the last 6 weeks because their lines are swamped, but maybe sent a complaint via email, automated voice or letter,then if you did get a call from someone claiming to be from the TSB and was going sort everything out for you, then their are going to be a HUGE number more people who get fucked by that than normal.

And the shit will hit the fan on this.

 

Are you serious. Millions are scammed through phishing daily. I refer you to today's Scottish news for proof of that. I suspect you are a disgruntled customer ?

http://www.bbc.co.uk/news/uk-scotland-north-east-orkney-shetland-44223308

 

Edited by Billy Jean King

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Bloke I work with (who is now semi-retired) used to do all the IT mainframe systems for the banks, and  was telling me all about this shitstorm. It all goes back to the Lloyds TSB days and TSB having to pay north of £200m when the time came for them to do so if they didn't have a new (their own) mainframe system in place.

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.....and I have received my e-mail from them regarding account security :lol:

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I used the TSB problems as an opportunity to finally switch banks.  I'd never actually done this before and had been with the various incarnations of TSB since I was a child.  I managed to pocket £100 for doing so.

As for TSB I had the performance issues with the app/website - unable to simply log in for days, once I did get logged in you'd get randomly logged out and the performance would be incredibly slow.  My main current account is now away from them. 

I've got a credit card with an outstanding balance still with them.  Hoping to pay that off at the end of the month.  There are still a number of problems with that.  I can only view the last 20 transactions on my credit card, I haven't been issued with a proper statement for last month and I can't even see any statements at all despite having the card for a number of years now.  It is also an Avios card and my points for last month haven't been applied to my Avios account (not that I use Avios that often though!).

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10 hours ago, Billy Jean King said:

Are you serious. Millions are scammed through phishing daily. I refer you to today's Scottish news for proof of that. I suspect you are a disgruntled customer ?

http://www.bbc.co.uk/news/uk-scotland-north-east-orkney-shetland-44223308

 

"A small number of mainly elderly people have been scammed"

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15 hours ago, Dindeleux said:

When RBS had their big issue a couple of years ago it was allegedly  due to fraudsters and hackers.  They did a great job covering it up and I expect TSB to follow suit.

The RBS big issue wasn't caused by fraud or hackers.  It would be a better situation if it had been, it's easier to deal with scams than to address systemic issues around the infrastructure that runs the banking system.

Many of our large banks are run on unwieldy, outdated infrastructure that is extremely robust when it works but a disaster when it doesn't.   TSB have been spun off from Lloyds and until recently was using the same underlying infrastructure.  The  recent incident was caused by a move away from that infrastructure to a new, separate infrastructure and the switchover is what caused the issue.  I don't have details because I don't work for Lloyds but the likelihood is that something within the legacy platform was overlooked or not known and caused this issue.  I'd imagine that there will be further outages in the future as TSB moves more customers and systems over to the new bank.  In the long run it should work better as they'll be on a platform that'll be smaller and one that should be understood better.  The word "should" is doing a lot of heavy lifting in that sentence though.

There was a very similar situation last year at RBS - as part of the government bail-out RBS received in 2008, they were mandated to spin off some of their branches and create a new, smaller bank.  The idea was to separate all the Nat West branches in Scotland and all the RBS branches in England and Wales and create a new bank.  However, the task of segregating the branches was found to be so complicated that the project was called off - buyers realised that it just wasn't feasible to do it, given the huge investment you'd need to manage the transition.  If that had gone ahead I think it would've been a shitstorm that would've made the TSB incident look like childs play.

Edited by ICTChris

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11 hours ago, Billy Jean King said:

Are you serious. Millions are scammed through phishing daily. I refer you to today's Scottish news for proof of that. I suspect you are a disgruntled customer ?

http://www.bbc.co.uk/news/uk-scotland-north-east-orkney-shetland-44223308

 

The TSB scams are on a different level.

https://www.thesun.co.uk/money/6350188/sim-swap-scam-tsb-customers/

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13 minutes ago, welshbairn said:

I am not sure how this is TSB specific either nor why the article focuses on TSB.  As a TSB customer, I have not been the victim of any scams and the only time I had identity theft was with MBNA about 20 years ago.

There is no doubt that the publicity surrounding the TSB issues have been OTT but that for the vast majority of customers, there were issues accessing account details online.  However, if you were that concerned about your balance etc. you could have used telephone banking (I know that they were over-run for periods), visited a branch or used a cash machine to either check balances or print a statement.  I'llhappily take their £30 for the very small personal inconvenience that I suffered whilst others have been told that they will not be out of pocket as a result of the f**k up.  I see no reason that they should be compensating people for being stupid enough to fall for a scam.

Edited by strichener

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44 minutes ago, ICTChris said:

The RBS big issue wasn't caused by fraud or hackers.  It would be a better situation if it had been, it's easier to deal with scams than to address systemic issues around the infrastructure that runs the banking system.

Many of our large banks are run on unwieldy, outdated infrastructure that is extremely robust when it works but a disaster when it doesn't.   TSB have been spun off from Lloyds and until recently was using the same underlying infrastructure.  The  recent incident was caused by a move away from that infrastructure to a new, separate infrastructure and the switchover is what caused the issue.  I don't have details because I don't work for Lloyds but the likelihood is that something within the legacy platform was overlooked or not known and caused this issue.  I'd imagine that there will be further outages in the future as TSB moves more customers and systems over to the new bank.  In the long run it should work better as they'll be on a platform that'll be smaller and one that should be understood better.  The word "should" is doing a lot of heavy lifting in that sentence though.

There was a very similar situation last year at RBS - as part of the government bail-out RBS received in 2008, they were mandated to spin off some of their branches and create a new, smaller bank.  The idea was to separate all the Nat West branches in Scotland and all the RBS branches in England and Wales and create a new bank.  However, the task of segregating the branches was found to be so complicated that the project was called off - buyers realised that it just wasn't feasible to do it, given the huge investment you'd need to manage the transition.  If that had gone ahead I think it would've been a shitstorm that would've made the TSB incident look like childs play.

The issue with TSB was that the system migration was being carried out by their parent company Sabadell in Spain who were calling the shots, not TSB.

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5 hours ago, ICTChris said:

The RBS big issue wasn't caused by fraud or hackers.  It would be a better situation if it had been, it's easier to deal with scams than to address systemic issues around the infrastructure that runs the banking system.

Many of our large banks are run on unwieldy, outdated infrastructure that is extremely robust when it works but a disaster when it doesn't.   TSB have been spun off from Lloyds and until recently was using the same underlying infrastructure.  The  recent incident was caused by a move away from that infrastructure to a new, separate infrastructure and the switchover is what caused the issue.  I don't have details because I don't work for Lloyds but the likelihood is that something within the legacy platform was overlooked or not known and caused this issue.  I'd imagine that there will be further outages in the future as TSB moves more customers and systems over to the new bank.  In the long run it should work better as they'll be on a platform that'll be smaller and one that should be understood better.  The word "should" is doing a lot of heavy lifting in that sentence though.

There was a very similar situation last year at RBS - as part of the government bail-out RBS received in 2008, they were mandated to spin off some of their branches and create a new, smaller bank.  The idea was to separate all the Nat West branches in Scotland and all the RBS branches in England and Wales and create a new bank.  However, the task of segregating the branches was found to be so complicated that the project was called off - buyers realised that it just wasn't feasible to do it, given the huge investment you'd need to manage the transition.  If that had gone ahead I think it would've been a shitstorm that would've made the TSB incident look like childs play.

Good post, the only point I'd make is that all customers and systems were moved over to the new platform on day 1 (actually some were moved earlier), so while there are still a few problems there won't be any new big issues appearing.

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