BookMyForex denies data leak claims, says customer funds are safe

BookMyForex has denied allegations of a data breach, days after a report said that leaked information may have allowed for unauthorized US dollar and Brazilian real transactions on its multi-currency cards issued with Yes Bank.

"There has been no data breach involving BookMyForex systems or customer data. Yes Bank observed unusual volumes of false transaction attempts on Yes Bank-BookMyForex Multi-Currency Prepaid Forex Cards which resulted in a high number of declined transactions,” a BookMyForex spokesperson told Mint.

When analyzed, these transactions were found to originate from a specific country and the bank has blocked transactions from that country, the spokesperson added. As a precautionary measure, cards involved in these attempted transactions have also been proactively blocked, they said.

The clarification comes after an Economic Times report on Wednesday flagged allegedly unauthorised deals in US dollars and Brazilian reals, citing people aware of the development and user complaints on social media. The report suggested that hackers may have gained access to sensitive card details and executed international transactions without requiring physical possession of the cards.

‘Customer funds are safe’

The company refuted these claims and reiterated that customer funds remained safe. “Customer balances remain fully secure. We continue to closely monitor the situation, working closely with the bank to take necessary steps towards customer protection. We are arranging complimentary replacement cards to ensure uninterrupted access to their forex balances,” the BookMyForex spokesperson said.

The ET report had also said that several customers were unable to access the platform to lock their cards, exacerbating concerns. However, BookMyForex, maintained that the issue was related to false transaction attempts detected at the bank’s end rather than any compromise of its internal systems or customer database.

The episode highlights growing risks around cross-border prepaid forex cards and the importance of real-time fraud monitoring. For now, BookMyForex has sought to reassure customers that there has been no breach and that balances remain protected, even as it works with its banking partner to tighten safeguards.