Yes Bank Implements Measures for Multi-Currency Forex Card Security
Filing Summary
Yes Bank has taken measures to address unauthorized transactions on its Multi-Currency Prepaid Forex Card, issued with BookMyForex. The bank’s fraud monitoring system detected unusual transaction declines on specific BIN numbers. Fraudulent activities occurred on February 24, 2026, involving 15 merchants in a Latin American country. Transactions totaling approximately USD 0.28 million were approved, affecting 5000 customers. The bank blocked e-commerce transactions from the country and is working with the Card Network to raise chargebacks to prevent customer financial loss.
On February 25, 2026, Yes Bank announced measures to address unauthorized transactions on its Multi-Currency Prepaid Forex Card, issued in partnership with BookMyForex. The bank’s fraud monitoring system detected an unusual increase in transaction declines on specific BIN numbers. These unauthorized transactions were attempted on February 24, 2026, between 3:30 AM and 8:30 AM IST, involving 15 merchants based in a Latin American country that does not require two-factor authentication for e-commerce transactions.
During the incident, transactions amounting to approximately USD 0.28 million were approved on behalf of 5000 customers. The bank’s monitoring and control mechanisms successfully declined 688 unauthorized transaction attempts, safeguarding approximately USD 0.1 million. As a security measure, Yes Bank has restricted e-commerce transactions from the specific Latin American country.
The bank is collaborating with the Card Network to raise chargebacks, ensuring that impacted customers do not suffer financial losses. Yes Bank continues to monitor the situation closely and is working with relevant stakeholders to protect customer interests.
Yes Bank is a full-service commercial bank headquartered in Mumbai, offering a wide array of products, services, and digital solutions for retail, MSME, and corporate clients. The bank operates its brokerage business through Yes Securities, a subsidiary. It has a pan-India presence, including an International Banking Unit at GIFT City and a representative office in Abu Dhabi.