Whistleblower Exposes Metro Bank’s ‘Magic Money Machines’ Scandal

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Metro Bank Under Fire: Data Fears and a Deepening Crisis

The Bank of England is urgently investigating shocking claims against Metro Bank – allegations that paint a picture of reckless data handling and a bank spiraling further into crisis.

A whistleblower has exposed serious concerns about Metro’s “Magic Money Machines” – those friendly coin-counters in branches. It’s claimed that the bank tampered with the machines’ software, meant for simple transactions, to connect directly to customer accounts. This makeshift solution may have opened the door to hackers, potentially leaving customers’ hard-earned cash vulnerable.

Chris J. Ratcliffe/Bloomberg

Worse, the whistleblower alleges that Metro Bank may have shared the source code for these machines, exposing customers to even greater risk. This bombshell report has reached both the Bank of England and City watchdog, the Financial Conduct Authority, who are now reviewing the claims.

Metro Bank remains tight-lipped. Disturbingly, this isn’t their first time in hot water. The bank is embroiled in a long-running legal battle with Arkeyo, a US company that accuses Metro of stealing its coin-counter software. Arkeyo is not backing down, seeking millions in damages.

Daniel Leal/AFP/Getty

It’s a dark time for Metro Bank. After a massive accounting error in 2019, confidence in the lender plummeted. Top executives fled. Last year, a desperate scramble for funds left the bank majority-owned by a foreign billionaire. And just this month, with even deeper cost-cutting measures and the abandonment of their ‘always open’ branch policy, Metro seemed barely afloat.

Now, this. The question hangs heavy in the air: has Metro Bank put its customers’ money at risk, all in a chaotic bid to stay alive? Millions of people, who just wanted a friendly place to bank, are now left feeling a mix of anger and deep unease. The investigation may provide answers, but until then, the shadow over Metro Bank only grows darker.

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