The neobank Revolut has been the victim of a cyberattack that has caused loss of more than 20 million dollars from their own funds. According to the Financial Times, this cyberattack happened at the beginning of 2022, although it has not been made public until now.
From Revolut they have yet to give an answer, although it has been revealed according to anonymous sources close to the incident. As cited by the media, the attack took advantage of a failure in the company’s payment systems in the United States and Europe, causing erroneous refunds just when some transactions had been rejected.
Revolut loses $20 million in a cyberattack
Apparently, the problem had been detected in 2021. However, before being resolved, the report indicates that organized criminal groups would have further exploited this error encouraging other people to make very expensive purchases which would end up being rejected. After that, the reimbursed amounts would be withdrawn from the ATMs.
Although the technical details of the cyberattack are still unclear, the truth is that the firm would have lost a total of 23 million dollars. Some of these funds would have been recovered by prosecuting those who had withdrawn the money from the ATMs. However, the cyberattack would have resulted in a net loss of about $20 million for the fintech.
It is not the first time that Revolut has suffered a large-scale cyberattack. Precisely in September 2022 we learned that the fintech received a targeted attack that affected some 20,687 customers in the European Economic Area. This attack involved the exposure of personal information of these customers, including emails, names, addresses, phone numbers, incomplete card details and other account details.
Regarding the latest cyberattack, we will have to wait for the official confirmation from the company to know all the details about it. Everything points to an attack directed at the company’s own funds and not those of its clients.
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