Axis Bank Trading Portal Hits Snag: Users Report Technical Issues

A major technical glitch has surfaced on Axis Bank's trading portal, exposing severe security flaws, as revealed by an NRI named Venki in an exclusive interview with Goodreturns.in.

Venki discovered the issue when he attempted to log in to the portal, only to find that he could access other users' investment portfolios and even execute trades on their behalf.

He noted, "I was able to access other portfolios and book trades during market hours," underscoring the severity of the breach.

Venki claimed the glitch had been ongoing for some time, and despite the significant implications, no immediate action was taken.

He shared his frustration, stating, "The technical glitch took place during market hours and no one did anything to resolve it." Concerned about the gravity of the situation, he escalated the issue to Axis Bank, SEBI, and the RBI at 11:30 am on September 13, 2024.

The breach raises serious concerns on multiple fronts. Venki highlighted, "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."

He said that this not only constitutes a privacy violation but also poses a security risk, as unauthorized trades could lead to financial fraud, reported Goodreturns.in.

Additionally, Venki pointed out the regulatory implications of such a breach, stating that the actions could lead to severe legal consequences for the bank.

Venki also expressed personal concerns about the potential impact on his own account: "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."

To substantiate his claims, Venki provided screenshots showing that he was able to place two sell orders on other users' accounts. He warned of the potential consequences, adding, "It is a massive security breach and can lead to a potential crash of the portal. If it goes into the wrong hands, users can also lose huge money."

Venki emphasised the magnitude of the issue, pointing out that it could allow someone to manipulate the market with unauthorised transactions.

When contacted by Venki, Axis Bank acknowledged the issue, stating it was a technical glitch that would be resolved by Monday. However, Venki cautioned, "Imagine a person with Rs 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."

This development follows a recent fine levied on Axis Bank by the Reserve Bank of India for non-compliance with regulations.

Venki concluded by urging the bank to take swift action to address the breach and protect customer trust.