Instances of Fraudulent Activities Prompt Vigilance Amidst Bank’s Reassurance
Axis Bank customers have raised alarms on various social media platforms regarding unauthorized transactions on their credit cards, prompting concerns about security breaches and financial losses.
Several individuals, including Sandeep Srinivasa and Aadil Bandukwala, shared their experiences of unauthorized transactions, highlighting instances where their cards were used without their consent for international purchases, such as on Uber Eats Canada and Air France, respectively. Despite receiving new cards, some customers reported continued fraudulent activities.
In response to these claims, some users recommended disabling international transactions as a precautionary measure against potential fraudulent charges. Abhishek Yadav advised fellow Axis Bank cardholders to take this step to enhance their card security.
Axis Bank addressed these concerns through their support handle on social media, affirming that there had been no breach in their systems. They acknowledged the unauthorized transactions from specific merchants and assured customers that appropriate actions, such as blocking these merchants, had been taken.
Furthermore, Axis Bank emphasized that the amounts involved in these unauthorized transactions were relatively small and fully recoverable. They encouraged customers to reach out directly for any clarifications regarding their transactions.
The reassurance from Axis Bank comes amidst increased scrutiny of the credit card industry by regulatory authorities. Recently, the Reserve Bank of India (RBI) intervened by directing Federal Bank and South Indian Bank to halt issuing new co-branded credit cards due to concerns over customer data access by their fintech partner OneCard.
As such, Axis Bank customers are advised to remain vigilant and proactive in monitoring their transactions. Taking necessary precautions and promptly reporting any suspicious activities to the bank can help mitigate the risks associated with fraudulent transactions.
