- LIBOR priorities and milestones for 2020 outlined
- EBA report identifies key challenges in the roll out of Big Data and Advanced Analytics
- Banco Sabadell and IBM Services announce the signing of a ten-year services agreement designed to help the bank boost digitisation
- Carney appointed as the Prime Minister’s Finance Adviser for COP26(UN Climate Change Conference)
- Moneyfacts says that a real return on cash savings remains under threat
- Moneyfacts releases Star Ratings for SIPP and SSAS products
- Citigroup fourth quarter net income up expired
- MasterCard direct-to-mobile wallet launched in partnership with CleverCards and EML expired
- NatWest to provide Esme Loans and Rapid Cash lending services direct to users of pre-paid company card Soldo expired
- Specialized payments platform Paysafe launches Paysafecash in Cyprus expired
- PayPoint renews exclusive deal with Monzo to provide cash deposit solutions for its account holders expired
- Pockit launches new card design for its mobile current account and Pockit Prepaid Mastercard expired
10th January 2020
Travelex cyber-attack disrupts major banks
A number of High Street banks have stopped customers ordering foreign currency, following the ransomware cyber-attack on Travelex. Problems at Lloyds, Barclays and Royal Bank of Scotland follow disruption at supermarkets Sainsbury's and Tesco. All get their foreign notes from Travelex, whose computer system is down after hackers demanded $6m(£4.6m) in return for customer data.
Travelex says there is no evidence customer data has been compromised. However, Travelex cashiers have been resorting to using pen and paper to keep money moving at cash desks in airports and on the High Streets. Banks are now reporting their supply of notes from Travelex has dried up following the cyber-attack, which struck last week.
An RBS representative comments "We are currently unable to accept any travel money orders either online, in branch or by telephone due to issues with our travel-money supplier, Travelex. We apologise for any inconvenience caused."
Lloyds and Barclays issued similar statements. One source said the banks were dependent on Travelex resolving its disruption before they could restore their travel-money service.
Travelex employees told BBC News the company has been left "shell-shocked" by the continuing ransomware cyber-attack.
The company says it is working with industry-leading cyber recovery specialists to fix the problem, and insists it is doing all it can to keep its customers and employees informed. Computer systems in the company's offices and currency shops across Europe, Asia and the US have been switched off since the attack took place around New Year's Eve.