14 DAY TRIAL // The customers of UK’s Lloyds were unable to access the financial institutions’ online services, make payments via credit cards, or withdraw money from ATMs at the end of last week because of some system glitches.
Co-operative bank also experienced issues that prevented some customers from accessing their accounts, Finextra reports.
The issues have been resolved, but the incidents only add to the already damaged public confidence in the United Kingdom’s banks.
While these incidents might not have been caused by hackers – as we have witnessed in the United States in the past weeks – and while European banks are said to be much more secure than others, it’s clear that the breakdown of computing systems can easily result in massive damages.
For instance, a few months ago, NatWest, Ulster Bank and RBS suffered similar outages, being forced to compensate their customers with more than 100 million GBP ($160 million, or 123 million EUR).