ICICI Bank fraudulant transaction experience

I had a fraudulent transaction on 11th November 2024 with ICICI Bank debit card. Bank took full 3 months to investigate, closed the case but eventually bank has reversed the money, so all well that ends well.

Original Transaction:

On 11th November 2024, some vendor named Island Bet managed to debut 47132.90 from my ICICI Debit card.  No card was swiped physically, no OTP was shared. I had used the debit card in Vietnam in October-November 2024, where cards get charged without two factor authentication. I suspect criminals got my card details there and then managed to charge it, though I am not sure about it.

ICICI automated system promptly called me to verify the transaction but at that time I was driving so didn't receive the call. Transaction went through.

A few minutes later I realized it was fraudulant transaction, reported to ICICI on whatsapp as well as called customer care

 ICICI Bank refunded the amount and I got below message, but there was a catch.

This amount was not usable by me. Bank shows Total Available Balance and Available Balance- while Total Available balance included the 47k, Available balance was 47k less and I could not use this 47k

My account was put on Lien. I couldn't open demat account or avail many other services.

I was told bank is investigating the case and will take about 30-50 days. Meanwhile my account was blocked, debit card was suspended and I had to pay some 250 INR +GST to get new debit card.

I had to manage for sometime with cash as UPI was also disabled. Eventually by giving request and proof got my account activated.

Whole of December 2024 nothing much happened. I was told the matter is under investigation. Mid Jan, the deadline was extended by another month. I was told bank was unable to recover money from merchant. Jan 2025 I had very tight situation financially- about 50k was held up and had other expenses.

Finally after 3 full months the lien has been removed, I can use that money. A bit of delay but thanks to ICICI bank for sorting this.

Total loss:

• Cost of getting replacement debit card: About 280 INR
• Could not pay an LIC premium on time due to blocked amount, so had to pay late fee of about 1000 INR
• Could not open Demat account with ICICI- had to run around to other banks to open one 
• Lots of communications, follow up, fear of losing 50k: time & effort

Overall, thanks to ICICI Bank teams for eventually sorting it out.

Precautions I am taking now:

#1 Use transaction limits very deligently- keep a very small amount for online, ecommerce trades, even if it is inconvenient to modify the limit just before big purchase. [Read more]

#2 Have 2-3 bank accounts, few of them away from any linkage to online transactions. The account linked to UPI, debit card, credit card etc should have minimum balance. If required transfer bigger amount from other account to this account. [Read more]

#3 For international transactions, where two factor authentication is not a rule, better to use credit card instead of debit cards. In debit card money is transferred to merchant immediately, while in credit card it is done after some time, so higher chance of filing a dispute and holding fraudulant transaction.

#4 Not using bank apps- will do transactions from web instead of mobile phones. 

Related: My 2016 Credit card fraud experience * Axis Bank ATM Fraud issue *