According to the Financial Times, malicious actors used a flaw in Revolut’s payment processing system to steal more than USD 20 million in 2022.
According to the FT, which cited numerous unnamed sources, the problem was caused by differences between Revolut’s US and European systems, which led to funds being mistakenly refunded using its own money when some transactions were declined. By encouraging individuals to try to make expensive purchases that would later be declined, organized crime gangs took advantage of the loophole. The refunded sums were then taken out of ATMs.
A total of about USD 23 million was taken out, with some money being recovered by going after the people who took the cash.