Tuesday, May 21, 2024
- Advertisement -
More

    Latest Posts

    ICICI bank’s mobile app accidentally revealed credit card details of 17k customers

    ICICI bank’s online banking app iMobile Pay has experienced a glitch with users reporting that they were able to see the credit card of other bank customers. The issue was first flagged by Sumanta Mandal, the founder of fintech company TechFino, who mentioned that complete card numbers, card expiry date, and CVV for users were visible on the Mobile Pay app.

     The data leakage caused by the glitch has since been confirmed by ICICI. Speaking to Mint, the company said that this glitch was caused by incorrectly mapped data of 17,000 new credit cards in their digital channels. They further mentioned that this data was only 0.1% of the company’s credit card portfolio and that no instance of misuse has been reported yet. The company has also notably blocked customers from accessing their credit cards and begun issuing new ones in their stead.

    Some context:

    The data leakage notably comes on the same day as the Reserve Bank of India (RBI) restricted Kotak Mahindra Bank from onboarding customers over online/mobile channels and issuing fresh credit cards due to its failure to address deficiencies in its IT risk management framework. RBI stated that due to these deficiencies, the bank had suffered frequent and significant outages in the past two years.

    Given the action taken by RBI against Kotak Mahindra, it is possible that ICICI may attract similar regulatory action, especially given the sensitive nature of the data that was leaked. It, however, remains to be seen how the regulator would respond to the glitch in ICICI’s app.

    Why this matters:

    According to ICICI’s website, iMobile Pay has over 28 million users. With users’ complete credit card details being exposed to such a large customer base, the data leak posed a major risk of fraudulent transactions and financial losses for affected customers. The glitch and the data leak that followed, have also raise questions about the bank’s cybersecurity practices and data protection measures.

    Also read:


    STAY ON TOP OF TECH NEWS: Our daily newsletter with the top story of the day from MediaNama, delivered to your inbox before 9 AM. Click here to sign up today!


     

    The post ICICI bank’s mobile app accidentally revealed credit card details of 17k customers appeared first on MediaNama.

    Latest Posts

    - Advertisement -

    Don't Miss

    Stay in touch

    To be updated with all the latest news, offers and special announcements.