ICICI Bank Blocks 17,000 Credit Cards After Data Breach: What Should Customers Do?

ICICI Bank (Representative Image)

ICICI Bank 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.

What is iMobile Pay app?

iMobile Pay is ICICI Bank’s official mobile banking app which offers 400+ banking services. It is accessible to both ICICI Bank customers and non-ICICI Bank customers.

Using the app, customers can manage multiple cards, transfer funds, apply for loans, open fixed and recurring deposits and more.

What Customers Should Do

Still, for safety purposes, if you are an ICICI Bank credit card holder, it is important to take immediate action to safeguard your financial details:

1. Closely monitor your credit card statements and transactions for any suspicious activity or unauthorized charges.

2. Contact ICICI Bank’s customer service and request a replacement credit card with a new number and security code.

3. If you notice any unauthorised transactions, quickly report them to the bank and provide any supporting evidence.

4. Make sure that you enable transaction alerts on your credit card to receive real-time notifications for any activity.

ICICI Bank has assured its customers that it will appropriately compensate for any financial losses resulting from this breach. However, taking proactive measures to protect your financial information is essential to prevent potential fraud.

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.