Yes Bank Forex Cards Face Fraudulent Transactions; RBI Summons Bank Officials

Yes Bank's multi-currency prepaid forex cards, issued in partnership with BookMyForex, experienced fraudulent transactions worth approximately Rs 2.5 crore affecting around 5,000 customers on February 24, 2026. The unauthorized activity, traced to 15 merchants in a Latin American country lacking two-factor authentication for e-commerce, led to 688 declined attempts and subsequent restrictions on transactions from that region. Yes Bank is working with card networks to initiate chargebacks and safeguard customers. The Reserve Bank of India has summoned Yes Bank officials seeking details on the breach and cybersecurity measures. BookMyForex denies any system compromise, stating customer data remains secure.