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Why ICICI Bank has blocked 17,000 credit cards? 4 things you should do to safeguard your account

ICICI Bank, one of India's leading financial institutions, has taken swift action after the credit card data of at least 17,000 new customers was exposed and accessed by unauthorised individuals. In response to this breach, the bank has announced the immediate blocking of these compromised cards and is issuing new ones to affected customers.

Why ICICI Bank has blocked 17,000 credit cards? 4 things you should do to safeguard your account gcw
First Published Apr 26, 2024, 1:39 PM IST

Following the discovery that unauthorised persons had gained access to the credit card details of at least 17,000 new clients, ICICI Bank acted quickly. The bank is providing replacement cards to the impacted consumers and has announced the immediate banning of the compromised cards in reaction to this attack.

The alarming revelation came to light after concerned ICICI Bank customers took to social media to express their apprehensions regarding the security of the bank’s iMobile Pay app. Users complained that the software had mysteriously revealed sensitive credit card information, such as whole credit card numbers and card verification values (CVV). This breach raised significant concerns about the security protocols implemented by ICICI Bank to safeguard customer data.

Additionally, the bank pledged to provide appropriate compensation for any financial losses incurred by affected customers.

If you own a credit card from ICICI Bank, you should act right once to protect your financial information:

1. Keep a careful eye on your credit card transactions and bills for any unusual behavior or charges that aren't permitted.
2. Get in touch with ICICI Bank's customer support team and ask for a new credit card with a different number and security code.
3. Report any unauthorized transactions to the bank as once and provide any supporting documentation you may have.
4. To get real-time alerts for any activity, make sure you have enabled transaction alerts on your credit card.

Customers of ICICI Bank have received assurances from the bank that they will be fairly compensated for any monetary damages brought on by this incident. To stop possible fraud, you must take proactive steps to safeguard your financial information. The RBI is now adopting a tougher stance on banks that have data security failures, which coincides with this data leak. Similar worries led the Reserve Bank of India (RBI) to severely restrict Kotak Mahindra Bank's ability to conduct business only one day prior.

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