YES BANK announced that it has taken immediate and stringent measures to safeguard customers following an attempted surge in unauthorized transactions targeting its Multi-Currency Prepaid Forex Card, issued via BookMyForex. Fraudulent activity was traced to merchants in a Latin American country lacking two-factor authentication mandates. The bank successfully declined 688 attempts, safeguarding approximately USD 0.1 Million, while processing USD 0.28 Million for 5,000 customers during the incident period of February 24, 2026.
Immediate Action on Unauthorized Card Activity
YES BANK released a statement on February 26, 2026, detailing necessary actions taken in response to unusual transaction declines detected by its fraud monitoring system. The incidents specifically targeted the Multi-Currency Prepaid Forex Card, which the bank issues in partnership with BookMyForex.
The unauthorized transactions were initiated in the early hours of February 24, 2026, occurring between 3:30 AM and 8:30 AM (IST). These activities originated from 15 merchants located in a specific Latin American Country, a region noted for not mandating two-factor authentication for e-commerce transactions.
Impact and Mitigation Figures
An internal investigation determined the scale of the activity impacting 5,000 customers. During the incident period, transactions approximately equivalent to USD 0.28 Million were approved.
Crucially, the bank’s robust monitoring and control mechanisms proved effective, leading to the successful decline of 688 unauthorized transaction attempts. This proactive defense safeguarded funds equivalent to approximately USD 0.1 Million.
Next Steps for Customer Protection
As an immediate security measure, YES BANK has restricted all e-commerce transactions originating from the identified Latin American Country. Furthermore, the Bank is actively collaborating with the Card Network to raise chargebacks, ensuring that impacted customers will not face any financial loss.
YES BANK reaffirmed its commitment to maintaining the highest standards of data security and customer protection while continuing to monitor the situation closely with all relevant stakeholders.
Source: BSE
