Thieves steal $20m via Revolut US payment flaw

About $23 million was stolen in total, with some funds recovered by pursuing those that had withdrawn cash, resulting in a net loss of about $20 million,

The problem came to light when a partner bank in the US notified the UK-based company that it was holding less cash than anticipated

Organised criminals exploited a flaw in Revolut’s payment systems to steal more than $20 million of the fintech’s money, the Financial Times reported, citing multiple sources with knowledge of the incident who weren’t identified.

The issue arose due to differences between Revolut’s US and European systems that meant some transactions were declined and then erroneously refunded, the newspaper reported. Criminal gangs began exploiting the issue early in 2022 after it was identified in late 2021. ...