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Organized criminals exploited a flaw in Revolut’s fee techniques to steal greater than $20 million of the fintech’s cash, the Monetary Occasions reported, citing a number of sources with information of the incident who weren’t recognized.
The problem arose because of variations between Revolut’s U.S. and European techniques that meant some transactions have been declined after which erroneously refunded, the newspaper reported. Felony gangs started exploiting the difficulty early in 2022 after it was recognized in late 2021. They might encourage people to make massive transactions that might be declined, then withdraw the refunded sums by way of ATMs.
The issue got here to gentle when a accomplice financial institution within the U.S. notified the U.Okay.-based firm that it was holding much less money than anticipated. The U.S. subsidiary then requested money injections from its dad or mum and the flaw was closed in spring 2022, the FT reported.
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