India's Yes Bank flags $280,000 in unauthorised forex card transactions

Feb 26 (Reuters) - 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, accordingto an internal investigation by the bank. * The payments were routed through 15 merchants in a LatinAmerican country that does not mandate two-factor authenticationfor 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)