UK Finance company loses £20m to Cyber Criminals

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Revolut, a financial firm that is governed by Bank of Lithuania within European Union has apparently lost £20m to the act of cyber criminals who smartly drained the funds from the London based financial service provider.

Well, the siphoning of funds was done in long term with criminals taking an advantage of the flaw in the Revolut payment systems to slowly drain money for months in the year 2021. Only to be identified by a US based partner of the bank that then corrected it by Spring 2022. But most of the damage was done by then.

The faulty system led to Revolut’s central payment system to refund its own funds that might eat away its March’23 profits easily by this year end.

According to the analysis conducted by a team of experts from the Global Neobank, it was all the work of an organized criminal gang that exploited a vulnerability in the gateway and encouraged its hired criminals to make expensive purchases that later were declined only to make them eligible to swipe-out refunds from ATMs.

NOTE- Founded in 2015, the company is into currency exchange and trading, debit cards services, virtual card payment services, Apple Pay, wallets that pay interest to customers, stock trading and crypto related merchandise and is also into the service offering financial technologies such transaction machines. Remember, Revolut is not a recognized bank in UK and so isn’t eligible for Financial Services Compensation Scheme.

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Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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