Revolut Reportedly Misplaced $20M to Criminals As a consequence of System Flaws

Fintech Company Revolut Supposedly Loses $20 Million to Identity Theft Because of a Payment System Error
Several people with knowledge of the situation claim that Revolut, a fintech company based in London, lost $20 million to scammers as a result of an error in its cost procedures, as reported by the Financial Times (FT).
The insiders also told the publication that Revolut’s different cost procedures in Europe and the US were the reason behind the safety incident, which happened over several months. Due to a technical difficulty, unsuccessful transactions have purportedly been reimbursed to buyer accounts.
According to three people with knowledge of the situation, organised jail teams took advantage of the situation at the beginning of 2021 and encouraged clients to make large purchases that were more likely to be rejected. Following that, Revolut withdrew the amount of transactions from the ATMs and distributed them from its corporate accounts.
According to the sources, Revolut sent money to its US company as soon as the issue was discovered in order to cover the losses, and the situation was resolved by the spring of 2022.

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