Credit card users of this bank became victims of fraud, the bank issued a statement

highlights

Whatever illegal transactions took place are international.

Card details extracted from petrol pump and restaurant.

There is currently no information about the impact on any other bank.

New Delhi. A senior official of Axis Bank has said that many credit card holders of the bank have been affected by fraudulent transactions abroad. However, the bank clarified that there has been no breach in the data. Sanjeev Moghe, head of cards and payments at the country's third largest private sector bank, said customers saw details of unauthorized transactions from Tuesday evening. They received information related to transactions regarding low value purchases on some e-commerce sites. He said that there has been no breach in the data. The scale of such transactions is very limited and the data related to customers is completely secure.

Amid growing buzz on social media about such unauthorized transactions, Moghe said the bank's internal system has stopped some transactions. However, he also said that many customers have been affected by this. He said that the bank's credit card customers have spent around Rs 500 crore every day. Compared with this, the extent of such transactions has been 'very small'. When asked for more details, Moghe said that this is a small part of the total expenditure. He also indicated that such incidents happened for a day and nothing like this happens now.

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How did the fraud happen?
He said that the fraudsters obtained some card numbers and its expiry date for the purpose of unauthorized transactions. Since these are international transactions, they did not require any other authentication like SMS or one time password or CVV number. Asked how the perpetrators obtained the data, he said the first six digits of the 16-digit number are bank-specific. When cards are given for payment at petrol pumps or restaurants, there is a possibility of obtaining the card number from there.

Will customers of other banks also be affected?
When asked whether other banks have also faced similar issues, Moghe said he was not aware of it at the moment. He said that Axis Bank is changing the credit cards of the affected customers and refunding the amount of the transactions done. This is not a 'shock' for the bank. Moghe said that the Reserve Bank has been informed about the incident. The bank will have to consider strategies like audit to avoid such incidents in future.

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Tags: Axis bank, Bank fraud, Credit card