Listen to this article in summarized format Subscribe to Unlock AI Briefing and Premium Content New Year Offer 24 Hours Left Subscribe Now Already a member? Sign In
BookMyForex Suffers Major Data Breach; Thousands Defrauded
Mumbai: BookMyForex, the online foreign exchange marketplace owned by MakeMyTrip, has experienced a serious data breach that has impacted thousands of users. Frustrated customers have flooded social media, reporting difficulties in accessing the platform and monitoring their forex cards.
Key Facts About the Data Breach
– Unauthorized Transactions: Users have reported unfamiliar withdrawals in US dollars and Brazilian real.
– Banking Support: As the platform’s banking partner, Yes Bank has been alerted and will initiate chargeback proceedings for affected customers.
– Customer Complaints: Many users are unable to log into their accounts. One customer shared, “I’m seeing multiple emails of both failed and successful transactions on my BookMyForex card. They are emptying my funds in front of my eyes.”
User Experience and Response
– Customer Scenarios: Affected individuals describe an inability to lock their cards or reach customer support, exacerbating the situation. Reports include unauthorized transactions in Brazilian real.
– Official Statement: Addressing concerns, BookMyForex remarked, “We understand your concern and assure you that your funds are safe. The issue has been escalated to the card-issuing bank. As a precaution, please lock your card through the app or the self-care card portal.”
How the Breach Occurred
Preliminary investigations suggest that cyber attackers may have accessed sensitive customer data, including card numbers, expiration dates, and CVVs, enabling unauthorized transactions without needing physical cards.
– Transaction Patterns: Attackers seemingly initiated their scheme with small test transactions to confirm card details before escalating to larger sums, particularly focusing on international transactions in less regulated currencies such as the Brazilian real.
– Strategic Delay in Detection: By routing transactions through high-risk regions, the attackers likely sought to prolong detection efforts and complicate the chargeback process.
Regulatory Context
The Reserve Bank of India has proposed compensating consumers for losses arising from digital fraud, with a limit of Rs 25,000. Although reported fraud incidents have decreased in the first half of fiscal 2026 compared to the previous year, the overall financial impact from these crimes has grown significantly.
– Fraud Statistics: In fiscal 2026, authorities noted 5,092 fraud incidents, a decrease from 18,386 the prior year. However, the total fraud value increased from Rs 16,569 crore to Rs 21,515 crore.
Conclusion
The data breach at BookMyForex highlights the critical need for safeguarding sensitive financial information. As investigations unfold and affected users seek resolutions, it’s essential for consumers to remain alert against unauthorized activities on their accounts. The platform reassures users that it is actively addressing the issue and collaborating with banking partners to resolve the situation promptly.