Yes Bank reports unauthorised forex card transactions of Rs 2.5 crore

New Delhi, Feb 26 (PTI) Yes Bank on Thursday said it has detected unauthorised transactions worth USD 280,000 (Rs 2.5 crore) related to its multi-currency prepaid forex cards.
     Unauthorised transactions were carried out by Yes Bank's Multi-Currency Prepaid Forex Card, which were issued in partnership with BookMyForex.
     These unauthorised transactions were attempted on specific BIN numbers only and these fraudulent transactions were carried out on 15 merchants that are based out of a Latin American country, in the early hours of February 24, 2026, Yes Bank said in a regulatory filing.
     "The internal investigation by the bank has revealed that during the incident period transactions approximately equivalent of USD 0.28 million (about Rs 2.5 crore) have been approved on behalf of 5,000 customers," it said.
     Due to the bank’s monitoring and control mechanisms, 688 unauthorized transaction attempts were declined, which led to safeguarding of approximately USD 100,000.
     The bank is working with card network to raise chargeback to ensure that the impacted customers do not face any financial loss.
     As a security measure, it said, the bank has subsequently restricted e-commerce transactions from the specific Latin American country.
     The bank said it came to light following unusual increase in transaction decline by the bank’s fraud monitoring system during early hours of February 24.
     This is the first major issue being faced by Yes Bank following Sumitomo Mitsui Banking Corporation (SMBC) of Japan acquisition of a 24.9 per cent stake in it for about Rs 16,000 crore.
     Following the acquisition, SMBC became the largest shareholder of private sector lender Yes Bank. SMBC appointed Shinichiro Nishino and Rajeev Veeravalli Kannan as as non-executive and non-independent directors with effect from September 18.

(This story has not been edited by THE WEEK and is auto-generated from PTI)