Fraud transactions have been on the rise in India. This time, it's the Axis Bank users who are suffering. Netizens have taken to social media platform X (formerly known as Twitter) to talk about the rise of these activities.
Users have complained about seeing transactions that were never generated by them.
Fraud transactions have been on the rise in India. This time, it's the Axis Bank users who are suffering. Netizens have taken to social media platform X (formerly known as Twitter) to talk about the rise of these activities.
Users have complained about seeing transactions that were never generated by them and OTPs that they never authorised. One user who goes by the name Maanas wrote on X, “Someone generated a couple of transactions yesterday, and OTP was triggered on my end. According to Axis Customer Care, it is not a security breach. Lol."
Meanwhile, another user who goes by the name Dr. Ajay Vasani wrote, “Yet another episode of fraudulent txns, cmon @AxisBank @AxisBankSupport, at least acknowledge where the breach is so others can take precautions!”
Another user, Aadil Bandukwala, expressed his anger on X, saying that the bank does not have the proper infrastructure to investigate the fraudulent activities. He wrote on X, “The sad part is they’re not even saying they have a process in place to investigate this and by when I can expect this to be resolved—just a blanket response that this will take 90 days. Axis Bank, you should at least demonstrate some empathy towards your customers.”
Sandeep Srinivasa, an X user, faced a similar experience of fraud. He highlighted that his card was used for fraudulent taxation at Uber Eats Canada.
Amid the ongoing chaos, Axis Bank took to X and wrote, “Hi, we would like to assure our customers that your Axis Bank card remains absolutely safe. There has been no breach of any systems. We have observed a few unauthorized transactions from certain specific merchants, whom we have blocked. Those amounts are small and are fully.”
The bank further added, “Those customers who would like to confirm any transaction or any aspect of their card can contact us directly.” The total number of UPI fraud transactions in India, as per the finance ministry, was more than 95,000 in 2022–23. This was a sharp increase from 84,000 cases in 2021–22 and in 2020–21. Simultaneously, during the first half of the previous financial year, there was a rise in banking sector frauds, totaling as many as 14,483 cases, as per an RBI report.