YES BANK issued a clarification regarding unauthorized transactions on its Multi-Currency Prepaid Forex Cards, issued in partnership with BookMyForex. Fraud monitoring identified suspicious activity originating from a Latin American country lacking mandatory two-factor authentication. The Bank has restricted e-commerce transactions for that region, mitigated potential losses of USD 0.1 MN through declines, and is working to secure chargebacks for approved transactions totaling USD 0.28 MN impacting 5,000 customers.
Clarification on Media Reports
YES BANK is responding to news reports concerning unauthorized transactions affecting its Multi-Currency Prepaid Forex Card program, which is run in collaboration with BookMyForex. The Bank confirmed that its fraud monitoring system flagged an unusual increase in transaction declines specifically targeting certain BIN numbers.
Incident Details and Timeline
The fraudulent activities were traced to 15 merchants located in a specific Latin American country. These attempted transactions occurred in the early hours of February 24, 2026, between 3:30 AM and 8:30 AM (IST). A key factor noted was that this specific country does not mandate two-factor authentication for e-commerce transactions, which facilitated the attempts.
Impact and Mitigation Steps
Internal investigation revealed that transactions totaling approximately USD 0.28 Million (approx. INR 2.5 Crore) were approved across 5,000 customers during the incident period. Crucially, the Bank’s proactive monitoring mechanisms successfully declined 688 unauthorized attempts, safeguarding approximately USD 0.1 Million.
As an immediate security measure, YES BANK has subsequently restricted all e-commerce transactions originating from that specific Latin American country. The Bank is actively collaborating with the Card Network to initiate chargebacks, ensuring that impacted customers do not incur any financial losses.
Disclosure and Materiality
The Bank affirmed that there is no material impact resulting from this article on the Bank’s operations. Furthermore, YES BANK stated it is not aware of any unannounced information that requires disclosure under listing regulations at this stage. The Bank remains committed to the highest standards of data security and customer protection.
Source: BSE
