Jul 01, 2024 04:15 PM
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On April 6th, 2024, I fell victim to a sophisticated Telegram fraud orchestrated by a group of individuals. This fraudulent scheme manipulated me into transferring a significant amount of money before I realized it was a scam. Immediately upon discovering this, I reported the incident to ICICI Bank and the cyber crime department, providing a detailed account of the entire incident.
The nature of the fraud exploited a vulnerability specific to ICICI Bank’s procedures, wherein immediate funds transfer to new beneficiaries is allowed without a customary cool-off period observed by other banks. This highlights a significant control weakness within ICICI Bank, potentially contributing to its reported higher incidence of fraud compared to other banks.
After inquiring about the cool-off period with an ICICI customer care executive at the Gurgaon, Gwal Pahari branch, I was directed to email ICICI Bank for clarification. In response, ICICI Bank stated they have a 30-minute cool-off period for fund transfers to new beneficiaries. However, this safeguard was evidently bypassed in my case, allowing the fraudulent transaction to proceed unhindered. I seek a clear explanation from ICICI Bank on how this breach occurred.
Since lodging my complaint, I have only received one call from ICICI Bank’s investigation team to gather initial details. Subsequent inquiries via email regarding the status of my complaint have gone unanswered. Phone inquiries have yielded generic responses, stating a 12-week investigation period and the blocking of the fraudulent account, without substantive updates or progress.
To my dismay, on June 26th, 2024, ICICI Bank unilaterally reversed the temporary credit to my account without any prior notification or explanation. This action was taken despite the unresolved status of my complaint and without providing updates on their investigation. This raises serious concerns about ICICI Bank’s commitment to investigating such fraud incidents thoroughly.
Furthermore, on July 1st, 2024, I received an SMS from ICICI Bank(SR975985955) stating that my dispute is not eligible for reversal due to OTP/ Grid authentication. This response fails to address the crucial detail I reported from the outset: that I was coerced into transferring funds under false pretenses by the fraudsters.
Adding to my frustration, the cyber crime department closed my complaint on June 9th, 2024, without providing any justification or updates on their investigation progress.
This entire ordeal suggests systemic issues within ICICI Bank’s fraud prevention and customer support mechanisms. It is deeply troubling to suspect that ICICI Bank’s own employees might be complicit in such frauds due to these identified weaknesses.
I urgently seek a thorough investigation into this matter, a reinstatement of the credited amount pending the investigation’s outcome, and proactive communication from ICICI Bank regarding the progress and findings of their investigation.
