Preetham Tiruttullai’s Post

Why ICICI Bank has blocked thousands of credit cards Full Article Link >>> https://lnkd.in/dUYpyyfg ICICI Bank has blocked credit cards of 17,000 new customers after their data was reportedly exposed and reached “wrong users”. The bank said that it is issuing new cards to the customers.An ICICI Bank spokesperson told news agency IANS about 17,000 credit cards that were issued in the past few days “were erroneously mapped in […] . . Latest IND . . . . #trendingnews #newstrending #trendingtopicnews #lifestyle #business #news #healthylifestyle #smallbusiness #supportsmallbusiness #lifestyleblogger #luxurylifestyle #businessowner #businesswoman #smallbusinessowner #businessnews

Why ICICI Bank has blocked thousands of credit cards Full Article Link >>> https://lnkd.in/dmsFB39A ICICI Bank has blocked credit cards of 17,000 new customers after their data was reportedly exposed and reached “wrong users”. The bank said that it is issuing new cards to the customers.An ICICI Bank spokesperson told news agency IANS about 17,000 credit cards that were issued in the past few days “were erroneously mapped in […] . . Latest IND . . . . #trendingnews #newstrending #trendingtopicnews #lifestyle #business #news #healthylifestyle #smallbusiness #supportsmallbusiness #lifestyleblogger #luxurylifestyle #businessowner #businesswoman #smallbusinessowner #businessnews

ICICI Bank Axis Bank I made a transaction of xyz amount on 30th December 2023 around 7.30pm from my imobile app to beneficiary Axis Bank account through QR code. The transaction is reflected in my history but my UPI history shows it unsuccessful. The beneficiary didn't receive the amount till the next morning, I checked his statement. As this was hotel payment I arranged alternate payment so as to check out of hotel and connected my ICICI Bank . I was informed that due to a technical glitch it may happen, the transaction will get automatically cancelled but that was wrong information. The amount is not revoked. My bank is still struggling to help. Very poor and pathetic customer service by ICICI Bank . They sent a note to the beneficiary Axis Bank which failed to bring the amount. My bank is blaming Axis bank by saying might be their technical issue as the amount was not accepted immediately. I am the one who is in loss because of one of the bank's technical glitch. I wrote an email to Icici Bank Nodal Acc and the reply received is from customer care to that email. I think the bank nodal team is too busy because of their pathetic services. They took 45 days to change my RM and again it was because of a technical issue. How is this bank operating with so many technical issue? Very disappointed, poor experience. Funniest part is that my bank slogan is " Hum Hain na", " Khayal Apka" .🥴🤐

#HDFCBANK HDFC Bank has announced an important update related to UPI transactions alerts. From 25 June 2024, it will now send SMS notification alerts only for transactions above ₹100 (money sent/paid) and ₹500 (money received). Email notifications will be sent for all transactions. UPI has truly revolutionized and democratized banking in India. Unfortunately, as per RBI FY23 report, digital payments category reported maximum number of fraud cases. But HDFC Bank looks set to introduce loopholes for future micro-fraud possibilities. The thresholds can easily undermine government's plan to introduce 4-hour delay in first UPI transaction. In December 2020, HDFC Bank was also subjected to RBI crackdown due to outages in bank's digital services. As such a big doubt arises if the bank can ever guarantee speedier and timely email notifications. My mother, who is a seventh standard pass out from vernacular medium, is also a HDFC Bank customer. She holds an email id not because she wants to, but she has to. As such this update is only elitist, inconveniences many customers and subject them to delayed realizations of transactions in their accounts. For many customers, such as my mother and even myself, SMS are speedier, convenient and easily accessible (even in 2G, 3G networks). There are still 250 to 300 million 2G subscribers in India. I have written to the bank opposing such introduction of thresholds. I request all my friends to share this post with your friends, acquaintances and other HDFC Bank customers to oppose any degradation in UPI system. HDFC Bank customers can also write to support@hdfcbank and voice their opposition. Jai Hind

🚨 17,000 credit cards blocked 🚨 ICICI Bank, India's second-largest private lender revealed a data glitch that led to incorrect credit card data mapping. Nearly 17,000 newly issued credit cards were affected. This comes a day after Reserve Bank Of India (RBI) slammed another private player on somewhat similar issues. Here’s how it played out: 1. 𝐈𝐧𝐜𝐨𝐫𝐫𝐞𝐜𝐭 𝐃𝐚𝐭𝐚 𝐌𝐚𝐩𝐩𝐢𝐧𝐠: Newly issued credit cards were mistakenly linked to the wrong users in the bank's digital channels. 2. 𝐒𝐞𝐧𝐬𝐢𝐭𝐢𝐯𝐞 𝐃𝐚𝐭𝐚 𝐄𝐱𝐩𝐨𝐬𝐮𝐫𝐞: This led to the exposure of sensitive credit card information, including: - Complete card number sequences - Card Verification Values (CVVs) 𝐂𝐨𝐧𝐬𝐞𝐪𝐮𝐞𝐧𝐜𝐞𝐬: - Data loss - Loss of customer trust - Regulatory scrutiny The bank is taking action by issuing new cards to the affected customers. #LessonLearned: Financial institutions must prioritize data security to maintain customer trust and comply with regulations. It's time for a review of data security frameworks to prevent such incidents. (Source: Business Standard) __________________________ Have you experienced an issue where someone else's card information, bank account details, transaction details were exposed on your digital application? What steps do you think financial institutions should take to ensure robust data protection? #FinancialServices #RiskManagement #DataProtection #CustomerTrust #PrivacyMatters #Compliance #DataBreach #Dataglitch #Datamanagement #Dataloss #Datasecurity

Axis Bank Axis Bank Limited Amitabh Chaudhry This is w.r.t. the sudden and random suspension of my savings account held with Axis Bank. My savings account - internet banking ID and Mobile app were suspended - without any intimation. So much so that, even the retail banking executives at the branch are unware of the reason. It's been 3 weeks of chasing your customer service teams and the branch personnel at Axis Bank, Tilak Nagar, Mumbai branch. Despite chasing your teams and giving my KYC documents twice at your Tilak Nagar Mumbai branch (IFSC: UTIB0001155), access to my savings account via internet banking and mobile app remains suspended. First of all I don’t understand why my account was suspended in the first place itself. This is pathetic, it’s like Axis Bank has converted into a PSU bank and has no regard for its customers. How can you block my funds without any explanation and keep it needlessly blocked for so long? If this is the way Axis Bank is functioning now, I guess it’s time RBI takes cognisance of these issues. Please get this resolved ASAP. I have been running from pillar to post for this resolution but there’s been absolutely no response from your side.

ICICI Bank Unauthorized Debit and Suspicious Transaction - Urgent Attention Required Dear ICICI Bank Customer Service, I am writing to express my extreme dissatisfaction and concern regarding an unauthorized debit transaction from my account. This morning, I received an SMS notification stating that ₹5,000 had been debited towards a SIP mutual fund investment. Subsequently, I received an email confirming the transaction, allegedly initiated by someone from my base branch. I am shocked and alarmed that this transaction was processed without my explicit consent, signature, or knowledge. As a valued customer, I expect ICICI Bank to maintain the highest standards of security and transparency. I demand immediate clarification on the following: 1. How was this transaction authorized without my signature or consent? 2. Who initiated this transaction, and what is their authority to do so? 3. What measures will ICICI Bank take to prevent such unauthorized transactions in the future? If this is indeed an instance of internal fraud, I will be forced to reconsider my association with ICICI Bank and explore legal recourse. I request prompt action and resolution regarding this matter. Please provide a detailed explanation and confirm the necessary steps to ensure the security of my account. Account Details: - - Branch: 1581 I expect a swift and satisfactory response

Kotak Mahindra Bank might be raising the rates on their Fixed deposits but deeply lowering their customer service standards & experience. I had a harrowing experience where Kotak Mahindra Bank has frozen my primary & only bank account overnight on the pretext of "discrepancy" yesterday. Upon visiting the nearest local Kotak Mahindra Bank branch, I am told that the discrepancy is in between my adhar and PAN details! An account that is operational with biometric verification for the past 5 years overnight becomes frozen due to a possibly hibernating verification team who suddenly became overactive and deactivated a well verified account and that too without any prior intimation!!!! Kotak Mahindra Bank - Will you pay the interest charges, penalties for my missed EMIs? Will you compensate me for the harrowing experience of being stranded without any access to my own funds without any fault of mine?? On top of all this, I am told to either visit my home branch physically which is in another state or to close the account and get the proceeds within 30 days- is this a joke to you?? Reserve Bank of India (RBI) should deeply investigate on the robust systems that these banking companies flaunt about. PS: The Reserve Bank of India (RBI) has come down heavily on Kotak Mahindra Bank for material deficiencies in their IT Controls system which led to a major disruption on 15th April 2024 where I was one of the chosen one. Ref: https://lnkd.in/djRfepFJ Update 17/05: Thanks to Reserve Bank of India (RBI) for protecting the rights of a common person. Kotak Mahindra Bank has just not unfrozen my account within 3 days but also compensated me as per the directions of RBI.

Axis Bank, the country’s third-largest private lender, was hit with a Rs 1.9 crore (US$229,000) penalty from the Reserve Bank of India (RBI) earlier in September for regulatory non-compliance. But that didn’t come as a surprise to the employees of the 31-year-old bank. The irregularities at Axis Bank involved employees opening savings accounts for ineligible customers—some without PAN cards and others failing to meet minimum balance requirements, according to a senior Axis Bank executive. On top of that, instead of assigning each customer a unique identification code, some received multiple codes. All of this inflated the sales figures of the bank Read more at https://lnkd.in/gXR97cpz

The recent Reserve Bank of India (#RBI) order #barring #Kotak Mahindra Bank from onboarding new customers through online and mobile channels and issuing new credit cards has sparked concerns about the bank's image and its impact on customer trust. These restrictions, stemming from significant deficiencies in the bank's IT systems, raise questions about data privacy, security, and the overall reliability of the banking institution. The RBI's actions against Kotak Mahindra Bank were prompted by significant concerns arising from its examinations of the bank's #IT infrastructure in 2022 and 2023. During these examinations, the RBI identified serious deficiencies and non-compliances in various aspects of the bank's IT systems. These #deficiencies included issues with IT #inventory management, #patch and #change management, #user access management, #vendor risk management, #data security, and #disaster recovery procedures. Despite the issuance of corrective action plans, the bank failed to adequately address these deficiencies in subsequent audits. #insurance #strict #rbi #banking #warning