A spree of unauthorized international transactions add to the woes of credit card customers impacted by the withdrawal of promised benefits. Will the private lender contain the fallout?
Axis Bank’s credit card customers just can’t seem to catch a break.
Through Tuesday and Wednesday, scores of them reported unauthorized international transactions on their credit cards. Many ended up losing money. Some, alarmed by the developments, went to the extent of cancelling their cards and, in the process, forfeiting their membership fees and reward points accrued over many months.
Take the case of S, whose card was swiped for a transaction worth Rs 6,500 on Monday by an unknown merchant registered on Uber Eats Canada. S says that on reaching out to the bank, his old card was blocked …
Ashwin covered fintech and banking at The Morning Context. Previously, he was at The Economic Times, where he worked across the finance, tech and startup verticals, breaking stories related to India’s banking system, startups in the new economy, digital payments, insurance and cryptocurrencies.
Writer
ashwin@mailtmc.com
Delhi