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What happened?
Imagine logging into your online banking portal and seeing details of a credit card you never applied for! This is exactly what happened to some ICICI Bank customers.
Alarming revelation: The issue came to light unexpectedly, causing concern among customers. Worried ICICI Bank customers used social media to express their anxieties about the security of the iMobile Pay app. Users reported seeing sensitive credit card information within the app itself. This information included:
Full card numbers: The complete sequence of digits associated with a credit card.
Card Verification Values (CVV): The three-digit security code typically found on the back of a credit card.
This exposure of private data raised serious questions about the effectiveness of ICICI Bank’s security measures meant to protect customer information. Reports on a financial forum called Technofino provided further details. Here, users shared specific experiences of encountering the credit card details of unknown individuals while using the iMobile Pay app.
An ICICI Bank spokesperson acknowledged the incident, saying that approximately 17,000 new credit cards issued in recent days had been mistakenly linked to incorrect users within the bank’s digital channels.
Experts believe the risk of fraudulent transactions is low because most Indian online payment gateways require a one-time password (OTP) sent to the new cardholder’s phone for verification.
ICICI Bank’s Response
The bank has taken steps to address the issue:
All affected cards have been blocked.
New cards will be issued to the intended recipients.
The bank emphasizes that no misuse has been reported yet, but they will compensate any customer who incurs financial losses due to the error.
Incident occurs under regulatory scrutiny
This data breach comes at a time when the RBI is taking a stricter stance against banks with lapses in data security. Just a day earlier, the Reserve Bank of India (RBI) imposed severe business restrictions on Kotak Mahindra Bank due to similar concerns.
ICICI Bank has downplayed the impact, stating the affected cards represent only 0.1 per cent of their total credit card portfolio. Nevertheless, the incident highlights the importance of robust data security measures in the banking industry.
First Published: Apr 26 2024 | 8:28 AM IST
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