The chief executive of Edinburgh-based Tesco Bank has confirmed that over the weekend some of its customers’ current accounts were “subject to online criminal activity, in some cases resulting in money being withdrawn fraudulently.”

Tesco Bank chief executive Benny Higgins said as a precautionary measure, the bank has temporarily stopped online transactions in current accounts.

“While online transactions will not be available, current account customers will still be able to use their cards for cash withdrawals, chip and pin payments, and all existing bill payments and direct debits will continue as normal,” said Higgins.

“We apologise for the worry and inconvenience that this has caused for customers, and can only stress that we are taking every step to protect our customers’ accounts.”

Higgins added: “We are working hard to resume normal service on current accounts as soon as possible.

“We continue to work with the authorities and regulators to address the fraud and will keep our customers informed through regular updates on our website, Twitter and direct communication.

“We can reassure customers that any financial loss as a result of this activity will be resolved fully by Tesco Bank, and we are working to refund accounts that have been subject to fraud as soon as possible.”