Yes Bank has flagged a forex card fraud incident involving $0.28 million in approved transactions. They have also successfully blocked $0.1 million in suspicious activity. The bank has even restricted e-commerce transactions originating from a Latin American nation as a precautionary risk control measure.
Yes Bank has restricted e-commerce transactions originating from a specific Latin American country after it detected an unusual rise in transaction declines on its Multi-Currency Prepaid Forex Cards.
The malpractice was flagged by the bank’s fraud monitoring systems, which detected suspicious activity linked to specific Bank Identification Numbers (BINs) of the cards issued in partnership with BookMyForex.
The bank said transactions worth approximately $0.28 million were approved during the incident period, impacting around 5,000 customers. Its control systems have declined 688 unauthorised transaction attempts. It has helped safeguard nearly $0.1 million.
The unauthorised transactions were carried out in the early hours of February 24, between 3:30 am and 8:30 am. These attempts were made at 15 merchants located in a Latin American country where two-factor authentication is not mandatory for e-commerce transactions.
Yes Bank said it is working closely with the card network to raise chargebacks so that affected customers do not face any financial loss, adding that it continues to closely monitor the situation and remains committed to maintaining high standards of data security and customer protection.
Yes Bank is a full-service commercial bank offering products and digital solutions across retail, MSME, and corporate segments. The bank has a pan-India presence, operates an International Banking Unit at GIFT City, and maintains a representative office in Abu Dhabi.
In its Q3FY26, Yes Bank reported 55% year-on-year (YoY) increase in its standalone net profit to Rs 951.6 crore, thanks to improved margins and sharply lower provisions even as total income slightly declined.