Axis Bank credit card fraud: How to block your card and protect it from data theft

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New Delhi: Axis Bank users took to social media recently reporting that they had received messages showing payments for international transactions that had not been conducted by them. This is the first instance of international credit card fraud that has been reported in India. These fraudulent transactions raised fears of a data breach. However, Axis Bank stepped in to clear the air and stated that the losses on account of these transactions were in thousands or lakhs and not of a huge magnitude.

My @AxisBank Reserve Credit Card was used too without my permission and without OTP for two transactions at Air France. Registered a complaint and Axis says they need 90 days to investigate. Emailed them and got the same templatised response. https://t.co/snft4SpXQm

— Aadil Bandukwala (@aadil) March 26, 2024

How did this fraud take place?

Axis Bank’s head of cards and payments Amit Moghe said the fraud was probably conducted by pairing a pool of card numbers with expiry dates. Since international transactions do not require CVV or OTP, the users were not alerted The fraud probably acquired card numbers while swiping at POS terminals

How to avoid card cloning and data theft?

To protect your card from cloning and information theft, take the following steps:
Use a chip-enabled card to avoid data theft via magnetic strip
Check your card for any signs of abuse/misuse
Hide your pin while entering it at a POS machine
Carefully check an ATM before use for any signs of tampering
Axis Bank users can also manually turn off international transactions on their cards to avoid fraud. This may be turned on when customers actually want to use it.

How to block your card after fraud?

Reach out to Axis Bank on their customer care number at 1860 419 5555.
A fraudulent transaction is any transaction that has been conducted on a card without the express consent of the cardholder.
However, customers are not required to file an FIR for international fraud committed on their card.

recoverable. Those customers who would like to reconfirm any transaction or any aspect on their card can contact us directly. We would like to reassure you that we continue to take all steps to ensure robust controls through our advanced transaction monitoring system and

— Axis Bank Support (@AxisBankSupport) March 27, 2024

Is the customer liable for fraud on their card?

Customers must block their card immediately if they suspect fraud.
If the card is blocked in 3 days there will be no fee charged.
If the card is blocked in 4-7 days, customers may be liable to pay Rs 10,000 on credit cards with a limit of Rs 5 lakh
They may be liable to pay up to Rs 25,000 on a credit card whose limit is above Rs 25,000
If the card is blocked after 7 days have passed since the indicent, the customer will be liable to pay a fine as determined by the car issuer’s board.

How to cancel your card

A customer can place a request to cancel their credit card with Axis Bank on IVR or via a dedicated email address.
The card issuer must close the card within 7 days of the request being placed. If this is not done, the issuer is liable to pay a fee of Rs 500 per day of delay to the customer, according to RBI rules.
Any charges or transactions disputed by the customer must be addressed by the card issuer within 30 days.
If there is no resolution in 30 days, the cardholder may approach the Reserve Bank of India Ombudsman Office.

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