A number of social media users have reported noticing fraudulent activities with Axis Bank credit cards in last two days. Several users have taken to X (previously Twitter) to voice their plight.
Many users claim they have noticed unauthorized transactions. Some claim to have received OTPs for transactions they did not do while others have even reported unauthorized international transactions.
Here’s a look at what credit card users can do if they notice fraudulent or unauthorised transactions with their credit cards.
What can credit card users do?
Axis Bank credit card users, who have noticed unauthorised transactions, should immediately report it to the bank. Those noticing unauthorised international transactions should immediately disable international transactions on their cards and also report the issue to the bank.
Customers should report fraudulent transactions to the bank through both phone and email.
Further, customers should note that they have zero liability in case of fraudulent transactions if they report the issue within 3 days, according to the Reserve Bank of India.
RBI says a customer is eligible for zero liability when unauthorised transaction occurs in the following event:
- Contributory fraud/ negligence/deficiency on the part of the bank (irrespective of whether or not the transaction is reported by the customer).
- Third party breach where the deficiency lies neither with the bank nor with the customer but lies elsewhere in the system, and the customer notifies the bank within three working days of receiving the communication from the bank regarding the unauthorised transaction.
How Axis Bank responded
Axis Bank has assured customers that there has not been any breach in its systems and the credit cards of all users are safe.
“We would like to assure our customers that your Axis Bank card remains absolutely safe. There has been no breach of any systems. We have observed a few unauthorised transactions, from certain specific merchants, whom we have blocked. Those amounts are small and are fully recoverable,” Axis Bank said while responding to a user on X.
“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 transaction reviews,” the bank added.
