In the most comprehensive analysis carried out since banks started disclosing serious IT and security failings last year, Which? Money identified 302 incidents affecting customer transactions in the last nine months of 2018. The data reveals that major banking crashes are far more common than previously thought.

All major banks were present in the data which Which? Money analysed, using data that the banks themselves reported to the Financial Conduct Authority (FCA) between 1 April 2018 and the end of the year.

Barclays reported the most major incidents (41), at more than one every week in the last nine months of 2018. It was followed by Lloyds Bank (37), Halifax/Bank of Scotland (31), NatWest (26), RBS (21) and Ulster Bank (18). TSB, where the botched introduction of a new IT system last year caused 1.9 million people to lose access to online banking services, reported 16 incidents.

Business owners should ensure that they have enough cash to carry out day to day transactions and that they have plans in place should electronic banking systems suffer outages.

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