Monday 7 November 2016 4:23 pm

Here's everything you need to know about the Tesco Bank fraud attack

Tesco Bank has halted online payments as it deals with a massive fraud attack on its current account customers.

The bank discovered a number of its customers' accounts had been subject to online criminal activity over the weekend. Here's what we know so far:

Money was taken from 20,000 current accounts

Tesco Bank's chief executive Benny Higgins told the BBC this morning that around 40,000 accounts saw suspicious transactions over the weekend, and money was withdrawn from 20,000 current accounts.

Customers will be refunded – hopefully within 24 hours

Any financial loss incurred by customers as a result of the fraud will be "resolved fully by Tesco Bank", Higgins said earlier today – and he is hopeful that the refunds will be made within 24 hours.

Online payments have been suspended 

The bank announced this morning it was halting online transactions from current accounts as a precautionary measure. Customers can still use online banking, and can withdraw cash using their cards, as well as making chip and pin payments and paying bills.

Tesco is working with the authorities to deal with the attack

Higgins said Tesco Bank is working with the authorities and regulators to address the fraud and said it will keep customers updated on its website, on Twitter, and with direct communication.

The bank's boss has apologised to customers

"We apologise for the worry and inconvenience that this has caused for customers, and can only stress that we are taking every step to protect our customers’ accounts," said Higgins.

"We are working hard to resume normal service on current accounts as soon as possible."

Shares in Tesco were down one per cent at 200.32p at the end of the day.