Revolut—Revolut lost $20 million to payment system exploit by organized crime
Malicious actors exploited flaw in Revolut's payment systems stealing over $20 million in early 2022. Fault stemmed from discrepancies between US and European systems, causing funds to be erroneously refunded using Revolut's own money when transactions were declined. Problem first detected late 2021, but organized criminal groups leveraged loophole by encouraging individuals to make expensive purchases that would be declined. Total $23 million stolen, with some funds recovered.
Scoring Impact
| Topic | Direction | Relevance | Contribution |
|---|---|---|---|
| Corporate Governance | -against | secondary | -0.50 |
| Data Security | -against | primary | -1.00 |
| Overall incident score = | -0.429 | ||
Score = avg(topic contributions) × significance (critical ×2) × confidence (0.57)× agency (negligent ×0.5)
Evidence (1 signal)
Security researchers reported Revolut lost $20M to payment system exploit
TheHackerNews reported in July 2023 that malicious actors exploited unknown flaw in Revolut's payment systems to steal more than $20 million in early 2022. Problem first detected late 2021, but before closed, organized criminal groups leveraged loophole encouraging individuals to make expensive purchases that would be declined. About $23 million stolen total, with some funds recovered by pursuing those who withdrew cash. Fault stemmed from discrepancies between US and European systems.