BookMyForex Denies Data Leak Allegations, Assures Customer Funds Remain Secure

BookMyForex Denies Data Breach Allegations

BookMyForex, a leading online foreign exchange services provider, has refuted allegations of a data breach. The company has been at the center of a controversy after a report suggested that leaked information may have allowed for unauthorized transactions on its multi-currency cards issued with Yes Bank.

According to BookMyForex, there has been no data breach involving their systems or customer data. The company attributed the unusual volumes of false transaction attempts on Yes Bank-BookMyForex Multi-Currency Prepaid Forex Cards to a specific country, which has been blocked by the bank. As a precautionary measure, cards involved in these attempted transactions have been proactively blocked.

The clarification comes after an Economic Times report on Wednesday flagged allegedly unauthorized deals in US dollars and Brazilian reals, citing user complaints on social media. BookMyForex has refuted these claims, stating that customer funds remain safe. The company has assured customers that their balances are fully secure and has taken steps to ensure uninterrupted access to their forex balances.

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BookMyForex has arranged for complimentary replacement cards to ensure customer convenience. The company has also maintained that the issue was related to false transaction attempts detected at the bank's end rather than any compromise of its internal systems or customer database.

The episode highlights the growing risks around cross-border prepaid forex cards and the importance of real-time fraud monitoring. BookMyForex has sought to reassure customers that there has been no breach and that balances remain protected, even as it works with its banking partner to tighten safeguards.