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Yes Bank Limited ( (IN:YESBANK) ) just unveiled an announcement.
Yes Bank has clarified that its multi-currency prepaid forex cards, issued in partnership with BookMyForex, were targeted by a series of unauthorized online transactions routed through 15 merchants in a Latin American country that does not require two-factor authentication. The bank’s fraud monitoring systems flagged an unusual spike in declined transactions on specific BIN numbers during the early hours of 24 February, prompting an immediate block on e-commerce transactions from that jurisdiction.
According to the bank’s internal review, fraudulent transactions worth about USD 0.28 million, impacting roughly 5,000 customers, were approved before controls fully kicked in, while 688 attempts amounting to about USD 0.1 million were successfully declined. Yes Bank said it is working with the card network to raise chargebacks so that affected customers do not incur losses, and it stressed that the incident and related media coverage are not expected to have any material impact on the bank, adding that it has no undisclosed information requiring regulatory disclosure at this stage.
More about Yes Bank Limited
Yes Bank Limited is an Indian private sector bank that offers a broad range of retail and corporate banking services, including card-based payment products. The lender also provides multi-currency prepaid forex cards, targeting customers who require convenient foreign exchange solutions for international travel and online transactions.
Average Trading Volume: 8,815,610
Technical Sentiment Signal: Sell
Current Market Cap: 653.3B INR
For a thorough assessment of YESBANK stock, go to TipRanks’ Stock Analysis page.