Tag #Customer Compensation

What are the immediate financial consequences and customer impact resulting from the Barclays IT outage?

Barclays faces a £12.5 million compensation claim for a three-day IT outage in January and February 2024 that affected online and mobile banking services for millions of customers and caused 56% of online payments to fail. The outage, impacting access to funds on payday and tax deadlines, prompted concerns about a cyberattack, though Barclays attributed it to a technology issue. This incident is one of 158 banking IT failures affecting millions of customers since January 2023.