ICICI Bank, one of India’s leading private lenders, recently faced a data breach that resulted in nearly 17,000 newly issued credit cards being affected. The glitch led to these cards being linked to incorrect users within the bank’s digital channels. Although the bank has assured customers that the error has been rectified and there have been no reported instances of misuse, the incident has raised concerns about data security and customer privacy.
The technical issue that caused the data breach resulted in new credit cards being erroneously assigned to existing customer accounts when viewed online. This meant that some customers may have been able to view the details of a credit card that was meant for someone else. The revelation of this error left many ICICI Bank customers alarmed and worried about the security of their personal information.
Users of the bank’s iMobile Pay app reported seeing sensitive credit card information, including full card numbers and Card Verification Values (CVV), within the app itself. This exposure of private data highlighted gaps in ICICI Bank’s security measures and raised questions about the efficacy of safeguards meant to protect customer information.
While the risk of fraudulent transactions resulting from the data breach is considered low due to the requirement of a one-time password (OTP) for verification in most Indian online payment gateways, the incident underscores the importance of robust security protocols in safeguarding customer data.
In response to the breach, ICICI Bank has taken immediate steps to address the issue. All affected credit cards have been blocked, and new cards will be issued to the intended recipients. Additionally, the bank has pledged to compensate any customer who experiences financial losses due to the error.
