ICICI said that a flaw in its mobile banking system, iMobile Pay, caused some 17,000 new credit cards to be “erroneously mapped” to the wrong people.
One of the top private banks in India, ICICI Bank, has admitted that thousands of clients’ sensitive credit card information was compromised.
ICICI, the Mumbai-based bank, admitted that some 17,000 new credit cards were “erroneously mapped” to the incorrect individuals as a result of a bug in its mobile banking program, iMobile Pay.
Customers who discovered unusual credit card information within the app were the ones who initially called attention to the problem.
The complete credit card number, the expiration date, and the card verification value (CVV), which are essential pieces of data for carrying out financial transactions, were among these facts.
Because of the severity of the breach, users were able to access and perhaps modify these cards’ settings, including authorizing overseas transactions and adjusting spending restrictions.
According to a bank representative, “the impacted cards account for approximately 0.1% of ICICI Bank’s credit card portfolio.” ICICI Bank responded to the problem right away by blocking the impacted credit cards and starting to issue new ones to the clients who were impacted.
A representative for ICICI Bank apologized for the inconvenience and reaffirmed the bank’s dedication to protecting the confidentiality and security of its clients’ financial data.
Additionally, the bank has guaranteed that any customer who suffers financial loss as a result of this incident will receive suitable compensation.
Social media and financial forums saw consumer complaints regarding the data breach, with users raising worries about the bank’s security measures.
Concerns have been raised by the incident over the safeguards in place to protect consumer data and stop similar intrusions.
“An iMobile app security flaw has allowed me access to someone else’s Amazon Pay credit card. One user posted on the site, “Even though OTP limits domestic transactions, I can do international transactions using the details from the iMobile app.”
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