MUMBAI: Several Axis Bank customers have reported either attempted or successful fraudulent transactions with international merchants over the last few years.
Axis Bank said on Thursday that the fraudulent transactions appeared to be a ‘BIN attack‘. The bank said there was no indication of any breach, and as the frauds were undertaken with basic card information, the debited amounts were recoverable.
Axis Bank did not disclose the number of complaints received but said they were ‘very small’. The bank said it had no specific advisory for cardholders but would act on specific complaints.
A BIN attack, also known as a Bank Identification Number attack, is a type of credit card fraud where cybercriminals attempt to generate valid credit card numbers by systematically testing different combinations of card numbers. BIN is the first six digits of a credit or debit card number and identifies the issuing bank or financial institution.
Axis Bank president and head of cards & payments Sanjeev Moghe told TOI: “This is a malicious attempt from certain merchants, and we have seen a few transactions hitting our system, affecting only a few cards. We have taken due steps to block these merchants and reported them to the associations. Since these are international e-commerce transactions and are not authenticated through the two-factor authentication process, our customers have full chargeback rights, and the amounts are fully recoverable. We will work with our customers on the same and ensure they are not disadvantaged,” said Moghe.
Axis Bank said on Thursday that the fraudulent transactions appeared to be a ‘BIN attack‘. The bank said there was no indication of any breach, and as the frauds were undertaken with basic card information, the debited amounts were recoverable.
Axis Bank did not disclose the number of complaints received but said they were ‘very small’. The bank said it had no specific advisory for cardholders but would act on specific complaints.
A BIN attack, also known as a Bank Identification Number attack, is a type of credit card fraud where cybercriminals attempt to generate valid credit card numbers by systematically testing different combinations of card numbers. BIN is the first six digits of a credit or debit card number and identifies the issuing bank or financial institution.
Axis Bank president and head of cards & payments Sanjeev Moghe told TOI: “This is a malicious attempt from certain merchants, and we have seen a few transactions hitting our system, affecting only a few cards. We have taken due steps to block these merchants and reported them to the associations. Since these are international e-commerce transactions and are not authenticated through the two-factor authentication process, our customers have full chargeback rights, and the amounts are fully recoverable. We will work with our customers on the same and ensure they are not disadvantaged,” said Moghe.