ICICI Bank, a prominent player in India’s financial landscape, has taken decisive action by blocking 17,000 credit cards in the wake of a data breach stemming from a technical glitch in its mobile banking application, ‘iMobile.’ The incident, which affected approximately 0.1 percent of the bank’s credit card portfolio, triggered immediate responses from both the institution and concerned users.
According to reports, the glitch led to the inadvertent linking of newly issued credit cards with existing customers’ accounts, inadvertently exposing sensitive information such as card numbers, expiration dates, and CVVs. Users also discovered the ability to modify settings associated with these cards, including enabling foreign transactions or adjusting spending limits.
In response, ICICI Bank swiftly acknowledged the issue, attributing it to a misalignment of new credit cards in the digital channels. The bank moved swiftly to rectify the error, reassuring customers that there had been no reported instances of misuse of the affected cards. Furthermore, ICICI Bank pledged to compensate customers for any financial losses incurred as a result of the breach.
Upon learning of the breach, customers took to social media platforms to express their concerns and share their experiences. Experts advised affected users to promptly flag any irregularities observed with their cards and take precautionary measures, such as blocking and replacing them through the bank.
This incident underscores the paramount importance of robust security protocols and stringent checks and balances in safeguarding customer data within the banking sector. ICICI Bank’s rapid response demonstrates its unwavering commitment to addressing such issues promptly and ensuring the security and trust of its customers.
The revelation of the data breach at ICICI Bank comes on the heels of the Reserve Bank of India’s crackdown on Kotak Mahindra Bank for similar concerns regarding IT security and compliance. These regulatory actions underscore the imperative for banks to uphold rigorous standards in safeguarding customer information and addressing vulnerabilities in their digital infrastructure.
