On February 28, 2023, banking outages in the UK impacted around 1.2 million customers during pay day. Banks like Lloyds, TSB, Nationwide, and HSBC reported substantial disruption, with customers experiencing extended wait times to access services. Lloyds noted their customers faced the highest impact, with nearly 700,000 unable to log in successfully. Compensation amounting to £114,000 was issued, primarily by Nationwide. Banks indicated no increase in fraud occurred during this time, and they are taking measures to prevent future outages while the issue highlights ongoing IT challenges within the banking sector.
"HSBC revealed that customers had to wait two hours on average that day to reach its online customer service team. Its standard target wait time is five minutes."
"Ron van Kemenade, the bank's group chief operating officer, said around 700,000 people were affected as they couldnât log into their accounts on first attempt."
The banks have paid out over £114,000 in compensation to customers so far, with Nationwide paying the most at £84,341.
All the banks said there was no evidence of an increase in fraudulent activity during the disruption, clarifying that outages were not more prevalent on pay days.
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