In early 2022, Revolut, a financial company, fell victim to hackers who exploited a flaw in their payment systems and stole over $20 million. The breach was not publicly disclosed, but was reported by the Financial Times, which cited anonymous sources with knowledge about the incident. The issue arose from discrepancies between Revolut’s systems in the United States and Europe, which led to incorrect refunds being issued using the company’s own funds when certain transactions were declined. This issue was identified in late 2021, but before it could be resolved, organized criminal groups exploited the loophole by convincing individuals to make costly purchases that would ultimately be declined. They then withdrew the refunded amounts from ATMs. The specific technical details of the flaw are unknown at this time. The total amount stolen was approximately $23 million, although some of the funds were recovered by pursuing those responsible for the cash withdrawals. As a result, Revolut suffered a net loss of around $20 million. This disclosure follows the recent arrest of an alleged high-ranking member of a hacker group called OPERA1ER, known for attacking financial institutions and mobile banking services with malware, phishing campaigns, and BEC scams.
Source: Hackernews
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