– Indian lender Yes Bank said on Thursday that it had detected unauthorised transactions in its multi-currency prepaid forex cards.
Here are some details:
* Unauthorised transactions worth about $280,000 wereapproved on behalf of 5,000 customers on February 24, according to an internal investigation by the bank.
* The payments were routed through 15 merchants in a Latin American country that does not mandate two-factor authentication for e-commerce transactions.
* The bank said it blocked 688 attempted transactions, preventing losses of roughly $100,000. * Yes Bank has restricted e-commerce transactionsoriginating from the country involved.
* The lender, which issues the cards in partnership withBookMyForex, said it is working with its card network toinitiate refunds for affected customers. (Reporting by Kashish Tandon in Bengaluru; Editing by Sonia Cheema)
