Yes Bank Flags Forex Card Fraud Linked To LATAM Merchants, 688 Attempts Blocked

Yes Bank has flagged suspicious transactions linked to its co-branded forex card with BookMyForex. The bank disclosed that around $0.28 million worth of transactions were approved across nearly 5,000 users, while 688 unauthorized attempts were successfully blocked. The fraud has been traced to 15 merchants in the LATAM region. Yes Bank has assured customers that there will be no financial loss. However, the development comes close on the heels of the recent fraud incident at IDFC First Bank, keeping market sentiment nervous. With investigations underway, investors will now watch closely for the total financial impact and the additional security measures the bank implements.