COMPETITIVE · LATIN AMERICA
Yes Bank restricts forex card e-commerce from a Latin American country after confirmed fraud
Change
Yes Bank disclosed $0.28m in unauthorised Multi-Currency Prepaid Forex Card transactions (Feb 24, 2026) and has restricted e-commerce transactions from a Latin American country tied to the incident.
Why it matters
Yes Bank reported that unauthorised transactions were attempted on specific BINs for its Multi-Currency Prepaid Forex Card (partnered with BookMyForex), triggering fraud-monitoring alerts. The bank’s internal investigation found about $0.28m in transactions were approved during Feb 24, 2026 (3:30–8:30 IST) across 15 merchants in a Latin American country that does not mandate 2FA for e-commerce. Yes Bank stated it declined 688 additional unauthorised attempts, preventing about $0.1m in further exposure. Following the incident, the bank has restricted e-commerce transactions originating from that country, changing where the card can be used online.
Implications
- • E-commerce purchases from the specified Latin American country are now blocked for this card.
- • Confirmed fraud losses/chargeback exposure of ~$0.28m tied to ~5,000 customers.
- • Higher decline rates for cross-border e-commerce where 2FA is not mandated.
- • Increased regulatory and counterparty scrutiny on Yes Bank’s forex card controls.
Who is affected
- • Yes Bank Multi-Currency Prepaid Forex Card customers (~5,000 impacted)
- • Yes Bank card fraud/risk and prepaid card operations teams
- • BookMyForex (forex card program partner)
- • Merchants/acquirers in the affected Latin American country (15 merchants cited)
Source
Topics
Technology & Innovation Cybersecurity Finance & Banking Financial Services Fintech & Payments