Shares in the Tesco group have fallen by two per cent in early trading
Tesco Bank has fallen victim to a fraud attack with money being taken out of 20,000 current account holders.
The bank has put all online payments on hold.
Benny Higgins, chief executive of the bank told the BBC he was “very hopeful” that customers would be refunded in 24 hours time.
A total of 40,000 accounts saw suspicious activity over the weekend, half of these had money taken from them.
Customers can still use their cards in several ways, cash withdrawals, chip and pin, and bill payments are still being accepted.
Online banking can be used but any online transactions aren’t currently being taken as the situation is yet to be resolved.
The bank has since confirmed that some accounts “have been subject to online criminal activity, in some cases resulting in money being withdrawn fraudulently”.
Higgins has also apologised for any inconvenience that customers have faced.