BookMyForex suffers a major data breach; thousands defrauded

BookMyForex, an online foreign exchange marketplace owned by MakeMyTrip, has reported a serious data breach that has led to significant financial losses for thousands of users. Many customers have taken to social media to express their frustration, noting unauthorized transactions in currencies such as US dollars and Brazilian real, while others were unable to access their accounts to secure their funds. The platform, which partners with Yes Bank for banking services, stated that it has alerted the bank to assist affected users with chargeback procedures. Initial investigations suggest that cybercriminals accessed sensitive customer data, including card numbers and CVVs, allowing them to conduct unauthorized transactions without the physical cards. The breaches appear to involve a compromised database or third-party system, with the attackers first validating the card details through small test transactions before making larger purchases. Notably, many transactions were routed through Brazilian real, possibly due to the lesser scrutiny of such channels. This incident underscores ongoing concerns regarding digital fraud, highlighted by the Reserve Bank of India's recent report indicating a rise in the value of reported fraud cases, despite a decrease in their frequency. The RBI has proposed compensation for customers affected by digital fraud, aiming to bolster consumer confidence in online transactions.