Welcome Your IET account
travelex foreign exchange

Travelex takes its services offline after massive cyber attack

Image credit: Dreamstime

Foreign currency exchange firm Travelex has been forced to take all of its services offline following a New Year’s Eve cyber-attack.

The decision was taken as a precautionary measure to prevent further spread of the virus through its systems.

“Our investigation to date shows no indication that any personal or customer data has been compromised,” Travelex said in a statement.

The firm is the world’s largest retail currency dealer, but following the attack it has since been forced to provide foreign exchange services manually in its branches.

London-headquartered Travelex has a presence in more than 70 countries and more than 1,200 branches and 1,000 ATMs worldwide. It processes more than 5,000 currency transactions every hour.

Computer specialists and external cyber-security experts had been working since New Year’s Eve to isolate the virus, the company said.

Tony D’Souza, chief executive of Travelex, said: “We regret having to suspend some of our services in order to contain the virus and protect data.

“We apologise to all our customers for any inconvenience caused as a result.

“We are doing all we can to restore our full services as soon as possible.”

The attacks comes at a difficult time for travellers with many abroad for the Christmas holidays.

Travelex was at the centre of an IT crisis nearly two years ago, when it mistakenly leaked data on thousands of customers of partner Tesco Bank.

The bank had also faced a serious cyber attack the year before in which money was stolen from around 20,000 accounts.

In 2016 it emerged that British banks were constantly under cyber attack but often fail to report the incidents to authorities over concerns that they could be punished.

Sign up to the E&T News e-mail to get great stories like this delivered to your inbox every day.

Recent articles

Info Message

We use cookies to give you the best online experience. Please let us know if you agree to all of these cookies.

Learn more about IET cookies and how to control them