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Travelex “Attack” Forces UK Banks to Suspend Foreign Currency Services

Jan 11, 2020 | Finance

The vast majority of UK banks tends to suffer from IT outages on a regular basis. That situation only grows worse when the Travelex serve falls victim to ransomware. 

Travelex Ransomware Attack

Earlier this week, the Travelex company fell victim to a massive malware attack. All of its websites in 30 countries were pulled offline as a result. The hackers seek a $6 million payment in exchange for giving the company’s data back. 

For now, Travelex has no intention of paying the money. Company officials claim that there is no evidence of any data being affected. Even so the hackers claim they downloaded gigabytes of customer data. They also aim to sell it on the darknet if the ransom isn’t paid accordingly. 

Preliminary research seems to indicate that hacking collective Sodinokibi is behind the ransomware attack. The group made a name for itself by primarily targeting municipalities and US dentists. In those cases, evidence of  a breach was evident. In the Travelex case, there is no such evidence at this time. 

How Does it Affect UK Banks?

Considering how Travelex is a foreign currency service provider, it has close ties to financial institutions. Some of its core clients are located in the UK. The alleged ransomware attack causes problems for them as well.

Several major banks currently no longer provide foreign currency services. As they all seem to rely on this one company for liquidity, there is nothing that can be done.

Albeit Travelex claims their services work just fine, several customers have complained. People who order a foreign currency exchange online are often left in limbo.

It appears that the UK banks won’t take any chances in this regard. If they can’t meet the customer’s demands, the bank will receive the backlash. It creates a very problematic and stressful situation for all parties involved.

Images courtesy of their respective sources.

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<a href="https://fintoism.com/author/oglock/" target="_self">JP Buntinx</a>

JP Buntinx

JP Buntinx is passionate about cryptocurrencies, fintech, blockchain, and finance. He currently resides in Belgium.

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