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Over the past few years, it’s no surprise that threat actors have ramped up their efforts to infiltrate companies and gain unauthorized access. Now, in a recent development, Revolut has reportedly fallen victim to a significant cyberattack, resulting in a loss of over $23 million in company funds.
As reported by the Financial Times, the threat actors exploited an undisclosed vulnerability in Revolut’s payment systems, which allowed them to take advantage of discrepancies between the company’s U.S. and European systems. By exploiting this bug, anyone could initiate a transaction that would later be declined, prompting Revolut to issue a refund for the money that was never transferred.
How did the attack work?
Although the exact details remain unknown since the company hasn’t released specific information about the vulnerability to avoid potential copycat attacks, the attack did not involve malware. Instead, cybercriminals encouraged people to make expensive transactions, knowing that the company would decline them, thus paving the way for a refund. The threat actors then withdrew the cash from ATMs.
However, it is important to note that the bug was first discovered in late 2021, but before Revolut could address it, organized criminal groups took advantage of the situation. And although the company has made efforts to recover some of the funds by tracing and pursuing those who withdrew cash, the incident still caused a net loss of around $20 million for the company.
Going forward
While the company’s lack of efforts in addressing a two-year-old security vulnerability raises some serious concerns, Revolut has launched an active investigation to catch the perpetrators behind the cyberattack. Moreover, the company will also undergo a comprehensive security review and implement additional measures to prevent future breaches.
However, this attack once again highlights the ever-growing importance of implementing robust security practices for companies. This includes regularly patching and updating systems and implementing stringent security measures to protect against emerging threats.
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