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HomeIndiaHow did Axis Bank credit card users get cheated? The bank took...

How did Axis Bank credit card users get cheated? The bank took this step for safety

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Credit Card User Fraud: After the information related to fraud was given by the credit card users of Axis Bank, a statement was issued by the bank. The bank official told how he will protect the users from such attacks in future.

Axis Bank Credit Card User: If you also have a credit card of Axis Bank, then you must know about this news. Cases of fraud are coming to light with many Axis Bank credit card holders. According to a senior official of the bank, transactions have been done abroad without informing the cards of many customers. Sanjeev Moghe, Head of Cards and Payments Department of Axis Bank, said that these customers have received alerts about transactions done on low-cost online shopping e-commerce websites. Whereas for some transactions, users have received OTP but they have not done that transaction.

There is no flaw in the bank’s system

According to the information given by the bank, there is no flaw in their system. No information was leaked, nor was there any data breach. Also said that fraudulent transactions are very less. The bank stressed that customer information is completely secure. Officials said that some transactions have been stopped by the bank. But some customers still faced problems. Bank credit card holders spend Rs 500 crore every day. In comparison, fraudulent transactions are very less.

The number of affected customers may be in lakhs,
although the bank has not given any information as to how many people have been affected by this. But he said that only a small part of the total expenditure is fraudulent. He also said that the number of customers affected by this could be in thousands and lakhs.

How did fraud happen with cardholders?

The fraudsters somehow found out the credit card numbers and their expiry dates. Since these were foreign transactions, normal security measures (such as OTP via SMS or CVV number) were not applied and the transactions were completed. Many times, credit cards get captured by someone when they are swiped at a petrol pump or restaurant, through which fraudsters get the card numbers. However, in the 16 digit card number, the first 6 digits are specified by the bank.

The bank took this step.

Now after this matter came to light, the bank is replacing the credit cards of the affected customers and is returning the money deducted from their accounts. The bank has informed the Reserve Bank about these incidents. According to the official, the bank is now conducting an investigation similar to an audit, so that such incidents can be prevented in the future.

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Pravesh Maurya
Pravesh Maurya
Pravesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ businessleaguein@gmail.com

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