According to the Financial Times, organized criminals exploited a flaw in Revolut’s US payment system. The flaw allowed them to steal over $20 million. Criminals took advantage of the system by making large payments that would be declined, but Revolut would mistakenly refund the money. They would then withdraw the refunded funds from ATMs.
The issue with the payment system was first noticed in late 2021. However, criminal gangs started exploiting it in early 2022. Revolut became aware of the problem in the spring of 2022 and promptly closed the flaw.
Unfortunately, by that time, the criminals had already stolen approximately $23 million. Although Revolut managed to recover some of the stolen funds, they still incurred a loss of around $20 million.
Revolut has not commented on the report, but the company has previously emphasized its strong commitment to security and protecting customers’ money. They have implemented various measures to ensure the safety of their users’ funds.
If you suspect that you may have fallen victim to this fraud, it is crucial to contact Revolut immediately. The company has a buyer protection policy in place that might assist you in recovering your money. For more details about the policy, you can visit Revolut’s website.
Here are some tips to help you protect yourself from fraud:
- Be aware of the signs of fraud. These can include emails or text messages that ask for personal information, websites that look like legitimate ones but are actually fake, and phone calls from people who claim to be from your bank or credit card company.
- Never give out your personal information to anyone you don’t know and trust. This includes your Social Security number, credit card number, and bank account number.
- Be careful about what links you click on in emails or text messages. If you’re not sure if a link is legitimate, don’t click on it.
- Keep your software up to date. Software updates often include security patches that can help protect your computer from malware and other threats.
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