India, Feb. 25 -- Update | February 25, 21:30 IST

YES Bank has claimed that fraudulent transactions worth $840K (Rs.7.63 Cr) were approved on behalf of 5,000 customers between 03:30 IST and 08:30 IST on Tuesday. In a statement, the startup added that 688 unauthorised transaction attempts were declined, safeguarding customer funds approximately $100K (around Rs.9 Cr).

"The bank is working with Card Network to raise chargeback to ensure that the impacted

customers do not face any financial loss," YES Bank said in a statement.

As per the bank, unauthorised transactions were attempted on specific bank identification numbers (BIN) only, originating from a Latin American country that doesn't mandate two-factor authentication for ecommerce t...