BookMyForex denies data leak claims, says customer funds are safe
BookMyForex has denied data breach allegations, days after a report said leaked information may have allowed unauthorized US dollar and Brazilian real transactions on multi-currency cards issued by Yes Bank.
“There was no data breach of BookMyForex systems or customer data. Yes Bank observed unusual volumes of incorrect transaction attempts on the Yes Bank-BookMyForex Multi-Currency Prepaid Forex Cards, resulting in a large number of transactions being declined,” a BookMyForex spokesperson said. Mint.
The spokesperson added that when analyzed, it was determined that these transactions originated from a specific country and the bank blocked the transactions from that country. As a precautionary measure, cards involved in these attempts were also proactively blocked, they said.
The statement comes after an Economic Times report on Wednesday, citing people aware of the development and user complaints on social media, flagged allegations of unauthorized deals in US dollars and Brazilian reals. The report suggested that hackers may have accessed sensitive card information and made international transactions without the need to physically seize the cards.
‘Customer funds are safe’
The company denied these allegations and reiterated that customer funds remain safe. “Customer balances remain completely safe. We continue to monitor the situation closely, working closely with the bank to take necessary steps for customer protection. We are arranging free replacement cards to ensure uninterrupted access to Forex balances,” said a BookMyForex spokesperson.
The ET report had also noted that many customers were unable to access the platform to lock their cards, raising concerns. However, BookMyForex maintained that the issue was related to incorrect transaction attempts detected by the bank, rather than any compromise of the bank’s internal systems or customer database.
The episode highlights the increasing risks associated with cross-border prepaid forex cards and the importance of real-time fraud monitoring. For now, BookMyForex has tried to reassure customers that there have been no breaches and balances are protected, even as it works with its banking partner to tighten security measures.
