A BBC news report that the online bank, Egg, had lost of tens of thousands of pounds in an alleged fraud caused a frisson of alarm in the financial community.
But a spokesperson from Egg insisted that security remained unbreached and that customers’ money is secure. “Our security systems were not breached. No losses have been incurred as a result of hacking,” she said. “There has been no loss to customers – indeed, we guarantee our customers will not suffer any losses as a result of fraudulent activity.”
A spokesman from the National Crime Squad said: “We have been very impressed with the quality of Egg’s fraud detection systems and the way in which they have worked with us in what has been a very complex investigation. Their advanced systems have been instrumental in rapidly pinpointing the source of the illegal activity.”
Egg said that the incident that was reported relates to conventional credit card fraud, and that there was no attempt to access existing customers’ accounts.
“Criminals have been looking to find ways to defraud banks since they began and banks have continually introduced enhanced measures to combat and stay ahead of the latest techniques. We continue to enhance our leading edge technology to help prevent fraud and as a direct result of this technology, losses to Egg have been minimal.
“Our close working relationship with the police has illustrated both the way in which the internet can actually be instrumental in tracing and preventing fraudulent activity, and the industry-leading detection technology we have,” the spokesperson concluded.