$23 million was stolen from fintech startup Revolut in 2022 – Kommersant

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The Financial Times, citing three people familiar with the matter reportedthat $23 million was stolen from the American fintech startup Revolut in 2022. Some of the company’s funds were returned, as a result, the losses for the company amounted to $20 million – two-thirds of the profit for 2021. The company did not publicly report the theft.

Fraudulent actions became possible due to a defect in the payment system. According to the source of the newspaper, due to differences in the payment systems of the US and the EU, when some transfers were rejected, Revolut returned the money, spending its own funds. The attackers encouraged people to make expensive purchases, which were rejected, and the money returned to the accounts was cashed out through ATMs.

Revolut’s systems were unable to capture the scam. The problem came to light when a US partner bank notified the company that it held less money than expected in its accounts. Revolut, founded by Nikolai Storonsky, a native of Russia, did not comment on the FT request.

Anastasia Larina

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