The fraud took advantage of specific bank identification numbers, and the country reportedly did not require two-factor authentication for e-commerce | Photo credit: AINNIE ARIF/Reuters
The above transactions have been approved on behalf of 5,000 customers, the private sector bank said in a statement.
The Bank said its fraud monitoring system has observed an unusual increase in transaction decline in the case of multi-currency prepaid forex card.
These fraudulent transactions were attempted on specific BINs (bank identification numbers).
“Thanks to the Bank’s monitoring and control mechanisms, 688 unauthorized transaction attempts were rejected, resulting in the securing of approximately the equivalent of US$0.1 million,” the Bank said.
The Bank said it is working with Card Network to initiate a chargeback to ensure affected customers do not suffer any financial loss.
Yes Bank emphasized that the specific country (reportedly Brazil) does not mandate two-factor authentication for e-commerce transactions.
As a security measure, the bank subsequently restricted e-commerce transactions from the specific Latin American country, the statement said.
The Bank said it continues to monitor the situation closely and works with all relevant stakeholders to protect customers’ interests.
Published on February 26, 2026
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