Revolut’s US payment flaws allowed thieves to steal $20mn

Posted by Stephen Petrey on Sunday, July 9, 2023

Siddharth Venkataramakrishnan and Akila Quinio writing Financial Times:

A flaw in Revolut’s payment system in the US allowed criminals to steal more than $20mn of its funds over several months last year before the company could close the loophole, according to multiple people with knowledge of the episode.

[…]

The problem stemmed from differences between European and US payment systems, which meant that when certain transactions were declined Revolut would erroneously refund accounts, handing them its own money, according to three people with knowledge of the situation.

Yikes. Revolut doesn’t seem so revolutionary, now does it?

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