BookMyForex has denied allegations of an information breach, days after a report mentioned that leaked info could have allowed for unauthorized US greenback and Brazilian actual transactions on its multi-currency playing cards issued with Sure Financial institution.
“There was no knowledge breach involving BookMyForex techniques or buyer knowledge. Sure Financial institution noticed uncommon volumes of false transaction makes an attempt on Sure Financial institution-BookMyForex Multi-Foreign money Pay as you go Foreign exchange Playing cards which resulted in a excessive variety of declined transactions,” a BookMyForex spokesperson instructed Mint.
When analyzed, these transactions have been discovered to originate from a particular nation and the financial institution has blocked transactions from that nation, the spokesperson added. As a precautionary measure, playing cards concerned in these tried transactions have additionally been proactively blocked, they mentioned.
The clarification comes after an Financial Occasions report on Wednesday flagged allegedly unauthorised offers in US {dollars} and Brazilian reals, citing individuals conscious of the event and person complaints on social media. The report steered that hackers could have gained entry to delicate card particulars and executed worldwide transactions with out requiring bodily possession of the playing cards.
‘Buyer funds are secure’
The corporate refuted these claims and reiterated that buyer funds remained secure. “Buyer balances stay totally safe. We proceed to carefully monitor the scenario, working carefully with the financial institution to take essential steps in the direction of buyer safety. We’re arranging complimentary alternative playing cards to make sure uninterrupted entry to their foreign exchange balances,” the BookMyForex spokesperson mentioned.
The ET report had additionally mentioned that a number of prospects have been unable to entry the platform to lock their playing cards, exacerbating considerations. Nevertheless, BookMyForex, maintained that the difficulty was associated to false transaction makes an attempt detected on the financial institution’s finish moderately than any compromise of its inner techniques or buyer database.
The episode highlights rising dangers round cross-border pay as you go foreign exchange playing cards and the significance of real-time fraud monitoring. For now, BookMyForex has sought to reassure prospects that there was no breach and that balances stay protected, whilst it really works with its banking associate to tighten safeguards.