A ham exploit nei Revolut payment systems it would allow hackers to launch an attack and steal further 20 million dollars from the company’s coffers in early 2022. However, user data would not be at risk.
Revolut, the hacker attack has stolen $20 million
The scoop, published by the Financial Times, is based on various anonymous sources informed about the incident. However, no one had made the breach public prior to the financial journal article.
It seems that the alleged problem was due to some inconsistencies between Revolut’s American and European systems. They resulted in the wrong refund of funds with your own money when some transactions were denied.
It seems that cybersecurity engineers had found the problem in late 2021. But before fixing it, the Financial Times report says that criminal organizations have taken advantage of the flaw “prompting people to attempt expensive purchases that would later be rejected“. The hackers then withdrew the refunded amounts from ATMs. The precise technical details relating to the defect are not currently known.
However, it appears that the theft operation embezzled about $23 million. Security experts would have withdrawn a part by following the traces of who had withdrawn the money. The large-scale scam is estimated to have caused a net loss of about $20 million for the fintech.