The YES Bank BookMyForex forex card fraud 2026 has raised serious concerns among Indian travellers after thousands of customers reported unauthorised international transactions on their prepaid forex cards.
According to official statements from YES Bank, fraudulent transactions worth nearly $840,000 (₹7.63 crore) were approved within a few hours, affecting around 5,000 cardholders.
The incident occurred during early morning hours and is now being closely watched by banking regulators and cybersecurity experts.
YES Bank BookMyForex Forex Card Fraud 2026: What Happened?
The suspicious activity reportedly took place between 03:30 AM and 08:30 AM IST.
During this period:
- Fraudulent transactions worth $840K were successfully processed
- 688 unauthorised attempts were blocked
- Activity targeted specific forex card BIN ranges
- Transactions originated from overseas merchants
Many customers received alerts for transactions they never authorised.
Transactions Linked to Latin American E-Commerce Platforms
YES Bank confirmed that most unauthorised transactions originated from a Latin American country, reportedly Brazil.
In these regions:
- Two-factor authentication (OTP) is not mandatory for some online payments
- Fraudsters can process card-not-present transactions more easily
As a precautionary step, the bank has now restricted e-commerce transactions from the affected geography.
Bank’s Official Response and Customer Protection Measures
YES Bank stated that it is working with global card networks to initiate chargeback processes.
The bank assured customers that:
- Fraud monitoring systems detected unusual activity quickly
- Suspicious transactions were blocked in real time
- Impacted customers will not face financial loss after verification
Cards belonging to affected customer groups were also temporarily blocked to prevent further misuse.
Customers Share Concerns on Social Media
Following the incident, several users shared complaints online, stating that transactions were attempted in foreign currencies such as Brazilian Real (BRL).
Some customers reported partial losses before cards were blocked, while others avoided deductions due to insufficient balances.
The growing number of complaints increased fears of a possible data exposure or coordinated card-testing attack.
Is This a Data Breach?
At present, neither YES Bank nor BookMyForex has confirmed a system breach.
However, experts believe the fraud may involve:
- Compromised card details from external sources
- BIN-based targeting
- International authentication gaps
Investigations are currently ongoing.
What Forex Card Users Should Do Immediately
Customers using prepaid forex cards should take the following precautions:
✅ Check recent transaction history
✅ Disable international usage when not travelling
✅ Block cards showing suspicious activity
✅ Raise disputes immediately
✅ Escalate unresolved complaints through RBI Ombudsman
Impact on India’s Forex Card Security Ecosystem
The YES Bank BookMyForex forex card fraud 2026 highlights increasing risks linked to cross-border digital payments.
Banks may now introduce:
- Stronger international transaction filters
- Geo-based payment restrictions
- Enhanced fraud monitoring systems
The incident also reinforces the importance of customer awareness in digital banking usage.
Conclusion
While the financial impact of ₹7.63 crore remains manageable for the banking system, the incident has raised important questions about global payment security standards.
The YES Bank BookMyForex forex card fraud 2026 serves as a reminder that international payment ecosystems remain vulnerable where authentication rules differ across countries.
BanksConnect.in will continue tracking further regulatory developments and customer compensation updates.
