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Currency exchange business Travelex has insisted it is making “good progress” on recovering after a ransomware virus on New Year’s Eve led to its systems being shut down. Bosses said some internal and order processing systems were returning and the company is starting to switch on in-store systems again. Tony D’Souza, chief executive of Travelex said: “We continue to make good progress with our recovery and have already completed a considerable amount in the background.
Law firm Slaughter and May have lambasted executives from TSB and parent company Sabadell over the catastrophic core banking migration that locked two million customers out of their accounts in April 2018.
The migration from Lloyds Bank systems to TSB’s new in-house core banking platform Proteo4UK led to money disappearing from customer accounts, halved Sabadell’s 2018 profits, and eventually forced out TSB CEO Paul Pester.
Slaughter and May’s 262-page report, said to have cost £25 million to produce, criticised the TSB board for failing to “fully understand the scope and complexity” of the new IT system and found Sabadell’s IT arm Sabis guilty of failing to test the system on one of the two data centres it relied on.
The majority of financial services institutions are developing multi-cloud strategies, with 70 percent expecting to have live deployments by 2024, according to a new report from British software company YellowDog.
The company surveyed 200 IT business decision makers from UK and US financial services institutions with over 500 employees about their cloud strategies, finding that 98 percent are using a hybrid strategy and none to be entirely dependent on on-premise infrastructure.
Millennials are falling victim to scams involving handing money to fraudsters more than any other age group, according to Lloyds Bank.
New data shows that victims aged 18 to 34 are losing £2,630 on average to the fraud, which typically involve scammers impersonating banking staff, the police or HM Revenues and Customs.