As internet crime continues to rise, Lloyds Banking Group has reported an online attack that went on for 48 hours as fraudsters attempted to place a hold on 20m accounts in Britain.
The onslaught went on for two full days as Halifax, Lloyds and Bank of Scotland were besieged with millions of fake requests designed to put a stop on their system. When this type of attack takes place, the attackers demand payment to be paid in Bitcom to end the assault.
Experts managed to counter the attack and Lloyds were not asked to pay a ransom, and neither were any accounts hacked.
When attacks like this take place, customers are unable to log onto their accounts, or they experience some type of abnormal online service.
Lloyds have not made a statement concerning the exact nature of the attack. They made a short statement explaining that they were experiencing intermittent online issues and that they were sorry for any inconvenience caused.
“Our service has been normal for the majority of the time, and a small minority of customers experienced problems. We don’t know the exact cause of the problem, and we won’t be making any speculations.”
This appears to be a common trend, a few months back Tesco Bank experienced a similar online attack that resulted in 9,000 accounts being compromised and a loss of £2.5m.
A number of major banks have experienced service outages during the last two years as their systems were flooded with fake requests to cause a service shutdown.
In November, Chancellor Philip Hammond stated that the threat to the British financial infrastructure is so severe that more money needs to be spent on UK online defences.
According to the chancellor, outdated computer systems are giving hackers access to everyone from companies to individuals sitting in their dining rooms.