Breaking Update: Here’s a clear explanation of the latest developments related to Breaking News:Yes Bank–BookMyForex forex card users flag suspicious transactions; firm denies data breach– What Just Happened and why it matters right now.
According to people aware of the development, thousands of users may have been affected. Many customers took to social media to report that they were unable to access the platform to lock their cards, aggravating the situation. Several users said they observed unauthorised transactions denominated in US dollars and Brazilian real.
The platform, which operates with Yes Bank as its banking partner, said in a post on microblogging site X that the matter had been escalated to the bank.
People cited earlier said Yes Bank would initiate chargeback proceedings on behalf of impacted users. The bank did not respond to emails seeking comment.
BookMyForex, however, denied any breach of its systems.
“There has been no data breach involving BookMyForex systems or customer data,” a company spokesperson said in a response to ET. “YES Bank observed unusual volumes of false transaction attempts on YES BANK–BookMyForex Multi-Currency Prepaid Forex Cards, resulting in a high number of declined transactions. Upon analysis, these transactions were found to originate from a specific country. The bank has blocked transactions from that country, identified as the source of these attempts. As a precautionary measure, cards involved in these attempted transactions were also proactively blocked.”
The company added that customer balances remain fully secure and that it is working closely with the bank to implement additional safeguards.In a post on X, one user wrote: “I’m seeing multiple emails of both failed and successful transactions on my BookMyForex card. They are emptying my funds in front of my eyes. I’m unable to log in to the website or the card portal.”
Another user reported: “My forex card is being used in Brazilian real and multiple transactions are taking place. Customer support is unreachable, and the app also appears to be facing issues.”
Responding to mounting complaints, BookMyForex said: “We understand your concern and assure you that your funds are safe. The issue has been escalated to the card-issuing bank. As a precautionary measure, please lock your card through the app or the self-care card portal.”
People familiar with the matter said prima facie evidence suggested that attackers may have gained access to sensitive card information — including card numbers, expiry dates and CVVs — enabling them to execute international online transactions without physical possession of the cards.
An initial assessment indicates that the attackers may have extracted card details from a compromised database or third-party system. They allegedly conducted small “test” transactions to validate card credentials before proceeding with higher-value purchases once the cards were confirmed to be active.
A significant portion of the transactions was reportedly routed in Brazilian real, possibly to exploit less-monitored foreign currency channels and transact with international merchants that may have comparatively weaker KYC controls. Routing payments through higher-risk geographies could also delay detection and complicate chargeback processes.
On February 6, the Reserve Bank of India proposed compensating customers up to Rs 25,000 for losses arising from digital fraud.
Banks reported 5,092 fraud cases in the first half of fiscal 2026, sharply lower than 18,386 cases in the same period a year earlier. However, the total value of frauds rose to Rs 21,515 crore from Rs 16,569 crore during April–September, according to the RBI’s latest Trends and Progress of Banking in India report.