Axis Bank Issues Advisory Amidst Rising Cases of Unauthorized Transactions
Axis Bank, in response to a surge in fraudulent international transactions reported by its credit card holders, has issued a comprehensive guide on how customers can safeguard themselves against such incidents and take appropriate action if affected.
Amidst recent reports of unauthorized international transactions, Axis Bank strongly advises its credit card holders to take immediate action to secure their finances. One crucial step recommended by the bank is to disable international transactions on their Axis Bank credit cards promptly. Customers are urged to disregard any messages or email alerts prompting them to enable international usage, as these may be phishing attempts by fraudsters.
Despite allegations of a data breach, Axis Bank has vehemently denied any such breach in its systems. Sanjeev Moghe, President and Head of Cards and Payments at Axis Bank, suggested that these incidents could be the result of malicious attempts by unauthorized merchants. The bank has taken swift measures to block transactions from suspicious sources, particularly international e-commerce platforms lacking two-step authentication protocols.
What to Do If Your Card Is Impacted: If an Axis Bank credit card holder discovers unauthorized transactions on their account, the bank advises them to take immediate action. The following steps are recommended:
- Report the Transaction: Promptly report the unauthorized transaction to Axis Bank’s credit card customer care or visit the nearest branch.
- Prepare Necessary Documents: Gather essential documents, including a customer dispute form and a signed incident letter detailing the fraudulent transaction, along with screenshots of relevant messages.
- Lodge a Complaint: Complete the customer dispute form, providing comprehensive details of the fraudulent transaction. Additionally, submit a signed incident letter directly to Axis Bank, including essential information such as account number, card number, and the date of the fraudulent transaction.
- File an FIR if Necessary: For transactions exceeding Rs 20,000, file a First Information Report (FIR) with the police. In cases of fraud occurring outside India, an FIR from the local authority of that country may be required.
- Block the Card: Axis Bank advises blocking the credit card immediately to minimize liability. Blocking the card within three working days from the first fraudulent transaction ensures no customer liability.
Conclusion: By adhering to these guidelines and taking prompt action, Axis Bank customers can effectively mitigate the risks associated with fraudulent transactions and protect their financial interests.
