The issue stems from differences between Revolut’s US and EU systems, which resulted in some transactions being rejected and then returned in error, the newspaper reported. Criminal groups noticed this flaw in 2021. at the end and started using it in 2022. at the beginning Individuals were encouraged to make large transactions, which were declined, and then to withdraw the refunds at ATMs.
The problem arose when a US banking partner told the UK-based company that it had less cash than expected. The US subsidiary then asked the parent for cash injections and in 2022 the loophole was closed in the spring, the FT reported.
In total, about 23 million were stolen. dollars. Some of the funds were recovered by tracing the people who withdrew the money, bringing the net loss to around $20 million. dollars, adds the newspaper.
Source: The Delfi