Unauthorized Transactions on Yes Bank-BookMyForex Forex Cards Raise Concerns of Data Breach

Multi-Currency Forex Card Scandal: Thousands of Customers Impacted

Yes Bank and BookMyForex have been hit with a major scandal after thousands of customers reported unauthorized overseas transactions on their co-branded multi-currency forex cards. The issue has raised concerns about a possible data compromise.

Impact Thousands of customers are believed to be affected by the issue, with some users reporting unauthorized transactions in US dollars and Brazilian real. The situation was worsened by reports of users being unable to access the platform to lock their cards.

Response BookMyForex has denied any breach of its own systems, stating that there has been no compromise of customer data. The company attributed the issue to Yes Bank detecting an unusually high number of fraudulent transaction attempts on the co-branded cards, which were subsequently blocked. As a precaution, cards linked to the suspicious activity were proactively disabled.

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Investigation Preliminary findings suggest that attackers may have obtained sensitive card details, including card numbers, expiry dates, and CVVs, enabling them to conduct international online transactions without physical access to the cards. It is believed that the data may have been extracted from a compromised database or third-party system.

Regulatory Context The developments come amid heightened regulatory focus on digital fraud. The Reserve Bank of India has proposed compensating customers up to Rs 25,000 for losses arising from digital fraud. The RBI's latest Trends and Progress of Banking in India report shows that banks recorded 5,092 fraud cases in the first half of FY26, with a total value involved of Rs 21,515 crore.

Action Plan Yes Bank is expected to initiate chargeback processes for affected customers, while BookMyForex is coordinating with the bank to strengthen safeguards. Customers are advised to lock their cards via the app or self-care portal as a precaution.