Yes Bank's 5K forex card customers hit with $280K fraudulent transactions

Around 5,000 Yes Bank forex card customers were hit by fraudulent transactions totalling $280,000, with the bank blocking several attempts and initiating chargebacks to prevent financial loss

Around 5,000 customers of Yes Bank’s multi-currency prepaid forex card, issued in partnership with BookMyForex, were hit by a spate of fraudulent transactions in the early hours of February 24, 2026, and transactions worth $280,000 were approved during the incident, the bank said on Wednesday.

 

The bank, however, managed to decline 688 unauthorised transaction attempts, safeguarding roughly $100,000, it said.

 

“The bank is working with the card network to raise chargeback to ensure that the impacted customers do not face any financial loss,” it said in a statement late on Wednesday.

 

The bank said the fraudulent transactions were carried out on 15 merchants based in a Latin American country in the early hours of February 24, 2026, between 3:30 am and 8:30 am (IST).

 

The bank did not name the Latin American country, but said the country does not mandate two-factor authentication for e-commerce transactions.

 

As a security measure, the bank has subsequently restricted e-commerce transactions from the specific Latin American country, it said, adding that it remains committed to the highest standards of data security and customer protection.

 

“The bank continues to closely monitor the situation and is working with all relevant stakeholders to ensure customer interests are safeguarded,” it further said.