Axis Bank has addressed concerns raised by its customers regarding unauthorised international transactions on their credit cards. Sanjeev Moghe, President & Head of Cards and Payments at Axis Bank, clarified that there had been no breach of the bank's systems.
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Speaking to CNBC-TV18.com, Moghe said, "We would like to reassure our customers that their Axis Bank cards remain safe for use. There has been no breach of any Axis Bank's systems. We have seen a few unauthorised transactions, as reported by our customers. This is a malicious attempt from certain merchants."
He further added that Axis Bank has taken action to block these merchants and reported them to relevant associations.
The bank's response followed numerous complaints from its credit cardholders regarding fraudulent international transactions, even among those who had previously disabled international transactions.
Many customers received messages prompting them to activate international transaction facilities, despite having disabled them.
Explaining the nature of the fraudulent transactions, Moghe highlighted that since these were international e-commerce transactions, they were not subjected to the two-factor authentication process.
However, he assured customers that they have full charge-back rights, and the amounts involved are fully recoverable.
To address concerns and report unauthorised transactions, Axis Bank customers can contact their credit card customer care at 1860 419 5555 or visit their nearest Axis Bank branch.
