The fraud exploited particular financial institution identification numbers, and the nation reportedly didn’t require two-factor authentication for e-commerce
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AINNIE ARIF/Reuters
Sure Financial institution has disclosed that its inner investigation has revealed that fraudulent transactions aggregating about USD 0.28 million on its multi-currency pay as you go foreign exchange card, which was issued in partnership with BookMyForex, had been carried out on 15 retailers based mostly in a Latin American nation within the early hours of February 24, 2026, between 3:30 am and eight:30 am (IST)
The aforementioned transactions had been permitted on behalf of 5,000 prospects, the private-sector financial institution mentioned in a press release.
The Financial institution mentioned its fraud monitoring system noticed an uncommon enhance in transaction decline within the case of a multi-currency pay as you go foreign exchange card.
These fraudulent transactions had been tried on particular BINs (financial institution identification numbers).
“As a result of Financial institution’s monitoring and management mechanisms, 688 unauthorised transaction makes an attempt had been declined, which led to safeguarding of roughly equal to USD 0.1 million,” claimed the Financial institution.
The Financial institution mentioned it’s working with Card Community to lift a chargeback to make sure that the impacted prospects don’t face any monetary loss.
Sure Financial institution emphasised that the precise nation (reportedly Brazil) doesn’t mandate two-factor authentication for e-commerce transactions.
As a safety measure, the financial institution has subsequently restricted e-commerce transactions from the precise Latin American nation, the assertion mentioned.
The Financial institution mentioned it continues to carefully monitor the state of affairs and is working with all related stakeholders to safeguard buyer pursuits.
Printed on February 26, 2026
