Error in the payment system led to $20 million theft from Revolut
Fraudsters utilised the variance between European and US payment systems
Last year, cybercriminals stole $20 million from Revolut, a fintech company. The crime became possible due to the difference between European and American payment systems. When Revolut declined transactions, the company mistakenly refunded funds from its own money.
For several months, scammers encouraged Revolut users to make expensive purchases, which the system rejected. The swindlers withdrew the returned funds through ATMs.
Although the company did not comment on the situation, sources say Revolut only became aware of the problem when a US partner bank warned that the accounts had less funds than they should have. Some of the stolen money was recovered by Revolut, but the losses from the theft were not included in the company’s financials.
Revolut is now awaiting a banking licence in the UK: regulators have been considering the company’s application for two years. Among the reasons for the delay, experts cite the corporate culture of the company and the Russian origin of its founders.
