Hackers took advantage of a bug in the famous Revolut app and stole over $20 million. The case remained a mystery for a long time, but in the end the fraud was revealed. What happened to the huge amount?
Cybercriminals have long been exploiting an unknown payment system flaw in the Revolut banking app. Fraudsters stole company funds for months and took millions of dollars in total. How is this possible?
Scammers deceived Revolut - a bug in the system is to blame
The Financial Times received anecdotal information about the case, and several independent sources confirmed the unusual situation. So far, the company has not publicly reported the incident.
It turns out that the differences in the Revolut systems in the US and the EU allowed the hackers to go for a cunning trick. When a certain group of transactions failed, the banking application returned funds to customers from its own resources.
At the end of 2021, Revolut discovered a fatal bug in the system. By then, however, the perpetrators had secretly made millions in damages. The attacks were allegedly organized by organized crime groups.
The scam looked like this - thieves pushed private individuals to make expensive purchases. Due to lack of funds, the transaction was rejected and Revolut returned the company’s money to the person’s account. Then it was enough to withdraw excess funds from one of the ATMs. Experts are not yet sure what technical elements allowed this to happen.
$20 million missing from Revolut
For all the time of the scam, the criminals had to steal more than $ 23 million. in company funds. However, some transaction amounts were recovered by tracing the thread to the ball and arresting people trying to withdraw funds from ATMs. However, the company still lacks most of the funding - about $20 million.
Information about fraud in popular fintech systems coincides with another interesting piece of news. Recently, Interpol announced the capture of one of the key members of the French hacker group OPERA1ER. The team deals with numerous and regular attacks on financial institutions and mobile banking services. Journalists speculate that this cell may have been behind a scheme to steal Revolut funds.
Source: Wprost
I am George Brown, author at Daily News Hack. I mostly cover economy news and I have been doing this for quite some time now. I have a lot of experience in this field and I’m always looking for new opportunities to learn more.
