GoodReturns Breaking News: Glitch In Axis Bank Trading Portal? User's Alarming Claims

In a recent shocking development, a huge technical glitch has been discovered on Axis Bank's trading portal, revealed a source who goes by the name Venki, an NRI, exclusively to Goodreturns.in on the condition of anonymity citing security concerns.

When Venki reportedly tried to log in to the Axis Bank's trading portal, he was able to access other users' portfolio and even was able to book trade on behalf of other users.

According to Venki, the issue has been taking place for some time. He added, "I was able to access other portfolio and book trades during market hours."

Image Source: “Axis bank trading page sent by user”

He said, "the technical glitch took place during market hours and no one did anything to resolve it."

While speaking exclusively to Goodreturns, he stated, "I escalated the issue to Axis Bank SEBI, and RBI at 11:30 am on September 13, 2024.".

Image Source: “Email from Axis bank sent by user”

Venki told Goodreturns.in "I recently discovered a serious issue on the Axis Bank Ring trading platform. The platform is allowing me to view other Axis Bank customers' investment portfolios and even transact on their accounts.

Axis Bank has not responded to GoodReturns email on the above issue.

This situation raises several significant concerns such as:

Privacy Breach: Unauthorized access to other customers' investment portfolios is a clear violation of their privacy rights.

Security Breach: The ability to transact on another customer's account without their consent is a major security flaw, potentially leading to unauthorized transactions and financial fraud.

Data Breach: Accessing sensitive financial information without authorization constitutes a data breach, exposing customers to risks like identity theft and financial loss.

Regulatory Breach: Such actions likely violate financial regulations designed to protect consumer data and prevent unauthorized access, which could result in severe legal consequences for the bank.

Ethical Breach: Trust is fundamental in banking. These breaches can severely damage the bank's reputation and erode customer trust."

Venki said, "I am deeply concerned about who might be able to transact on my account without my knowledge or consent. I will not be responsible for any unauthorized trades made on my account and would need compensation from Axis Bank for my losses and all the stress and hardships that I may go through due to this technical issue. I urge Axis Bank to address these issues immediately to protect their customers' data and maintain trust."

To prove his claim about the ongoing technical issue in Axis Bank's trading portal, the source also shared two screenshots where he was able to place 2 sell orders.
The source added, "it is a massive security breach and can lead to a potential crash of the portal. If it goes to wrong hands, users can also lose huge money."

When Venki contacted Axis Bank, they reportedly responded saying it's a technical glitch and will be resolved on Monday.

Venki said, "the issue has high magnitude. Imagine a person with 100 crore in his account and if I am able to place a buy order, I can manipulate the market and the victim may end up with massive loss."

Recently, Reserve Bank Of India (RBI) fined Axis Bank for non-compliance with regulations.

On top of this, such massive technical glitch should be a big cause of concern for the bank and users who have been using the Axis Bank trading portal, he concluded.

This is developing story. More details will be added.