Protect Your Axis Bank Credit Card: How to Handle Fraudulent Transactions

In response to recent fraudulent international transactions, Axis Bank advises its credit card holders to take immediate action to protect themselves.

Disable international transactions on your Axis Bank credit card immediately and disregard any messages or email alerts prompting you to enable them. You can file complaints and seek refunds following RBI rules, assures Axis Bank.

Numerous Axis Bank credit card users experienced unauthorized international transactions, even those who had disabled international usage. Many took to social media to report these incidents.

Axis Bank denies any data breach allegations, stating there’s been no breach in their systems. According to Sanjeev Moghe, President and Head of Cards and Payments at Axis Bank, these incidents may be the result of malicious attempts by unauthorized merchants. Steps have been taken to block such transactions, especially international e-commerce ones lacking two-step authentication.

What to do if your card is impacted.

If your card is affected, promptly report the unauthorized transaction to Axis Bank’s credit card customer care or visit the nearest branch. Prepare necessary documents, including a customer dispute form and a signed incident letter detailing the fraudulent transaction, along with screenshots of relevant messages.

Documents required to lodge a complaint

Axis Bank cardholders are required to complete a customer dispute form, providing comprehensive details of the fraudulent transaction. Additionally, they must submit a signed ‘incident letter’ directly to Axis Bank, including essential information such as account number, card number, and the date of the fraudulent transaction. It is crucial to mention the possession of the credit card at the time of the incident and provide an explanation of how the transaction was discovered. Retaining screenshots of messages containing details of the fraudulent transactions is also essential for documentation purposes.

For transactions exceeding Rs 20,000, file a First Information Report (FIR) with the police. When fraud occurs outside India, an FIR from the local authority of that country may be required if you are present there.

Axis Bank advises blocking the credit card immediately to minimize liability. Timely action is crucial; blocking within three working days from the first fraudulent transaction ensures no customer liability. The bank pledges full support to customers in disputing transactions through chargeback rights.

By following these steps promptly, Axis Bank customers can mitigate risks associated with fraudulent transactions and protect their financial interests.