Revolut reportedly loses $20m to thieves in payment flaw
newscatcher
2023-07-10 17:32
Revolut reportedly loses $20m to thieves in payment flaw
Criminals are said to have exploited a flaw in Revolut's payment system in the US to steal more than $0m.  As reported by the Financial Times citing multiple sources with knowledge of the incident, the money was stolen over a number of months and arose because of differences between its US and European payment systems. This discrepancy meant that some transactions that were declined were then erroneously refunded with Revolut's own money. The funds were taken directly from the fintech and not from customer desposits, according to the sources, and despite recouping around $m in funds it still lost around $0m overall.

https://www.altfi.com/article/revolut-reportedly-loses-usd20m-to-thieves-in-payment-flaw

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