Axis Bank: Credit card holders defrauded abroad worth Rs 500 crore, thousands of customers lodged complaint

Many credit cardholders of Axis Bank became victims of fraud during transactions abroad. The accused have made purchases worth about Rs 500 crore in a day. However, the bank clarified that there was no breach in customer data. The bank's card head Sanjeev Moghe said that complaints of illegal transactions have been received from customers since Tuesday evening. This is the case of low-price purchases on some e-commerce sites. The scale of these transactions is very limited and the data related to customers is completely secure.

Responding to customer queries on social media, Moghe said that the bank itself has stopped some such suspicious transactions. Many customers have been affected by this. The bank's credit card customers have spent around Rs 500 crore per day. But this is a very small transaction on a per-card basis. This incident happened in just one day. He said that the fraudsters obtained some card numbers and their expiry date for unauthorized transactions. Since these are international transactions, they did not require any other verification like SMS a time password or a CVV number. Cards for payment are given in petrol pumps or restaurants, hence there is a possibility that the card numbers from there have gone to the accused.

According to Moghe, Axis Bank is changing the credit cards of the affected customers. The amount deducted is being refunded. RBI has been informed about the incident.