ICICI Bank takes action after credit card data breach, promises compensation to affected customers

ICICI Bank, one of India’s leading financial institutions, has responded decisively to reports of a credit card data breach affecting its customers. The breach surfaced on the bank’s iMobile Pay app and exposed sensitive information, including credit card numbers, expiry dates, and CVVs of approximately 17,000 newly issued credit cards. Reacting swiftly, ICICI Bank has moved to block the compromised cards and has initiated the issuance of replacements for affected customers.

Concerns over the data breach were initially raised by ICICI Bank customers on social media platforms, highlighting the exposure of credit card details through the bank’s iMobile app. Reports on the finance-related forum Technofino further corroborated the discovery of sensitive data belonging to unknown customers on the app.

Responding to inquiries, an ICICI Bank spokesperson acknowledged the erroneous mapping of new credit cards to incorrect users within the digital channels, stressing that no card misuse has been reported. However, the bank has assured affected customers of appropriate compensation for any financial losses incurred.

The scale of the breach, affecting around 0.1 percent of the bank’s credit card portfolio, prompted immediate action from ICICI Bank, including blocking compromised cards and issuing replacements to mitigate potential customer risks.

Despite assurances from ICICI Bank, concerns persist among users regarding the security implications of the breach. One user highlighted the ability to access another individual’s credit card details, potentially enabling unauthorized transactions.