Lloyds Bank’s £500m cyber crime battleplan

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Lloyds Bank working on £500m technology project that includes better protection for customers from hackers

By Emma Dunkley, Financial Mail On Sunday

Published: | Updated:

Lloyds Bank is working on a £500million technology project that includes better protection for customers from hackers. 

It is understood to be improving its own defences and boosting the two-step authentication for customers logging in, making it harder for crooks to break into accounts. 

Improvements: The project also aims to give staff the latest technology in branches to speed up service

The project also aims to give staff the latest technology in branches to speed up service. 

More customers are banking online and through mobile apps instead of using branches – boosting the risk of cyber crime. 

Lloyds’ plans are thought to be part of a bigger three-year strategy to be revealed next year that is expected to focus on selling insurance and managing money for wealthy clients. Antonio Horta-Osorio, chief executive for more than a decade, is planning to leave before July. 

Last week, Lloyds reported a pre-tax profit of £1billion between July and September, boosted by huge demand for mortgages – at its highest since 2008.

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