'No instances of misuse reported thus far': ICICI Bank blocks 17,000 credit cards after data breach

‘No instances of misuse reported thus far’: ICICI Bank blocks 17,000 credit cards after data breach

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.

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 reported that sensitive credit card information, including full card numbers and card verification values (CVV), had been inexplicably visible within the app.

Reports surfaced on the finance-related forum, Technofino, where users detailed instances of encountering complete card details belonging to unknown individuals while using the iMobile Pay app. This breach raised significant concerns about the security protocols implemented by ICICI Bank to safeguard customer data.

An ICICI Bank spokesperson acknowledged the incident, stating that approximately 17,000 new credit cards issued in recent days had been mistakenly linked to incorrect users within the bank’s digital channels. Despite this lapse, the spokesperson assured customers that no instances of misuse had been reported thus far. Additionally, the bank pledged to provide appropriate compensation for any financial losses incurred by affected customers.

The number of compromised credit cards represents a fraction, approximately 0.1 per cent, of ICICI Bank’s extensive credit card portfolio. As a precautionary measure, the bank has swiftly invalidated these compromised cards and initiated the issuance of replacements to affected customers.

Expressing regret over the inconvenience caused, the ICICI Bank spokesperson reiterated the institution’s commitment to ensuring the security and privacy of its customers’ financial information.

However, the severity of the breach was further underscored by a user on Technofino, who revealed the potential ramifications of the security glitch. The user disclosed that due to the breach, they were able to access another individual’s Amazon Pay credit card details via the iMobile app. Despite the protection afforded by one-time passwords (OTPs) for domestic transactions, the user highlighted the vulnerability of international transactions using the compromised information.

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