A new investigation by Which? revealed that there were huge concerns about the online banking security systems of some UK’s biggest banks.
These banks apparently have quite a few concerning vulnerabilities in security that could put the customers at risk of fraud.
One of the lowest-rated banks for security is Tesco Bank with a score of 46%. Indeed, it seems that multiple security headers were missing from its webpages, which are supposed to protect customers against a range of cyberattacks.
Tesco Bank declared that its customers’ security was their top priority and are all in line with industry standards. They also stated that they use the latest technology to protect and manage the security of Online Banking and our Mobile Banking App as well as do controls regularly.
After Tesco Bank, TSB received one of the poorest rankings with a score of 51%. In fact, the bank’s login process wasn’t up to new regulations on strong customer authentication (SCA) that was introduced in March.
The investigation showed that under the SCA regulation, all banks must add an extra layer of identification checks to ensure it is the customer logging into the online account. Yet, TSB offers a fraud refund guarantee, hence if a customer is a victim of scams, they do get reimbursed.
TSB declared that providing customers with safe and secure banking is a top priority and they are dedicated to continuing to invest in strengthening online and mobile protection for customers.
Santander then came third with a score of 62%. The investigation revealed that it was able to bypass authentication checks when logging in to the bank’s website. Yet, Santander stated that they are investing a lot in cybersecurity and fraud prevention to give their customers the best protection possible.
On the other hand, Starling Bank came on top of the report with a score of 85%. Indeed, it was revealed that its new online banking website showed didn’t have any security concerns.