• Sun. Aug 20th, 2023

Revolut: $20M Payment System Loss

Aug 4, 2023
Revolut: $20M Payment System Loss
Esme Greene

The Financial Times has received information on a substantial breach at Revolut from a number of unnamed individuals, despite the fact that the issue has not been made public.

Revolut’s Payment System Breached: $20M Loss

The compromise was caused by differences between Revolut’s European and American systems, which led to incorrect reimbursements being sent using company cash when some transactions were denied.

The problem was first identified in late 2021, but before it could be fixed, organized criminal gangs exploited the weakness. They lured people into making pricey purchases that would ultimately be rejected so they could withdraw the refunds from ATMs.

The vulnerability’s exact technical specifications are still a mystery at this moment.

The neobank and fintech company suffered a net loss of around $20 million as a result of the extensive fraudulent plan, even though a portion of the monies that were taken, totaling about $23 million, were recovered by going after the people who made the cash withdrawals.

This information was released shortly after Interpol revealed the capture of a suspected high-ranking member of the French-speaking hacker group OPERA1ER, which is known for attacking financial institutions and mobile banking services with malware, phishing scams, and massive BEC scams.