Revolut Robbed of $20 Million | Banking License in Jeopardy?
In this financial news update, we dive into the recent security breach that has shaken the popular financial institution, Revolut. With over 20 million users relying on its services, Revolut has been making strides in obtaining banking licenses in multiple countries. However, the leak of a significant flaw in their payment system has cast doubts on their future prospects.
According to Financial Times journalists, the flaw came to light at the end of 2021, catching the attention of criminals who exploited the system to withdraw a staggering $20 million. While these funds were not customer money, but rather the fintech company's own funds, the incident raises concerns about the security measures in place.
The flaw was attributed to discrepancies between the American and European systems of Revolut. When transactions were rejected, the system erroneously refunded the payer double the intended amount. Organized criminal groups reportedly took advantage of this loophole from the beginning of 2022, executing a simple scheme where individuals, planted by fraudsters, made transactions with nonexistent funds. Revolut would block the legitimate funds and unwittingly refund them multiple times, allowing quick cash withdrawals from ATMs to avoid detection.
Revolut's troubles escalated when their US partner bank discovered the cash shortfall, prompting demands for compensation. By spring 2022, the flaw had been addressed, but the news of the incident only recently came to light. Approximately $23 million was stolen, but some of the funds have since been recovered through ongoing investigations.
As the implications of this breach unfold, Revolut's official stance remains unknown. The company has refrained from issuing a statement, fueling speculation and concern among its user base. The incident does not directly impact consumer funds, but it raises questions about the institution's overall security protocols.
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Timestamps:
0:00 Introduction
0:55 The Flaw: How Criminals Exploited Revolut's Payment System
2:12 Modus Operandi
2:51 How problem came to light?
3:47 Revolut's Response or lack of it.
4:06 What do you think of this situation?
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