Revolut suffers a hacker attack

The technology and financial company based across the Channel, Revolut, which focuses on banking services such as prepaid debit cards, currency exchanges, cryptocurrencies and peer-to-peer payments, has expanded its functionality over time and is now popular especially among young people who prefer it to other competitors. 

Revolut under hacker attack

Revolut is a secure and reliable company, fast and certainly functional to the evolutionary rhythms of a world that is always in a hurry even at a historical moment like the one we live in. 

Despite its excellent credentials, last Sunday the company suffered an attack that put the data of thousands of users at risk. 

At the microphones of BleepingComputer, a representative of the British company explained that:

“an unauthorized party only had access to the details of 0.16% of its customers for a short period of time.”

In addition to this detail, the company wanted to emphasize the timeliness of the intervention to protect customers. 

“We immediately identified and isolated the attack to effectively limit its impact and contacted affected customers. Customers who did not receive an email were not affected.”

The company’s banking license is filed with Lithuania, and the country’s State Data Protection Inspectorate has verified that 50,150 customers were affected.

Within the European Union there are 20,687 customers affected by the attack on the company’s privacy core, and of these only 379 citizens are Lithuanians.

The most stolen information was email addresses, users’ first and last names, mailing addresses, phone numbers, but most importantly, limited payment card data in addition to account data, basically the gateways for a future attack on individual investors’ wallets.

However, Revolut says it is confident that neither card details nor PIN codes and passwords were accessed so for now people can remain reassured.

“Our customers’ money is safe, as it always has been. All customers can continue to use their cards and accounts as normal,”

a company spokesman told BleepingComputer.

The attack was averted very early on Monday morning. At 02:00 AM European time, security and postal police intervened by ceasing the breach immediately. 

A representative of Revolut LTD issued the following official statement to BleepingComputer:

“Revolut recently suffered a highly targeted cyber attack. This resulted in an unauthorized third party gaining access to the details of a small percentage (0.16%) of our customers for a short period of time. We immediately identified and isolated the attack to effectively limit its impact, and contacted affected customers. Customers who did not receive an email were not affected. To be clear, no funds could be accessed or stolen. Our customers’ money is safe, as always. All customers can continue to use their cards and accounts as normal. We take incidents like these incredibly seriously and would like to sincerely apologize to all customers who have been affected by this incident, as the safety of our customers and their data is our top priority at Revolut.”

The company issued an apology to users reassuring that its engineers and programmers are  

“addressing the problem and are taking steps to ensure this doesn’t happen again.”

This attack is part of another type of attack, namely phishing, which could lead any customer to believe any fake emails or communications. 

The origin of the attack

UCL’s Report Smishing believes that an SMS phishing campaign is already underway that attempts to trick Revolut account holders in order to steal enough data to siphon capital from customers’ wallets. 

With the launch of Revolutux (RVLT), Revolut’s token, these attacks come as a very cold shower undermining consumer confidence despite the fact that the project is secure and has been successful since pre-sale. 

The Revolutux token (RVLT) developed by De. Fi. and blockchain platform Revolut serves as a utility token native to its ecosystem, enhancing services rendered in the areas of liquidity, cryptocurrency lending, trading, etc. 

The currency is by its nature deflationary and community-based, which through a redistribution mechanism aims to increase the earnings of the entire community. 

Revolutux (RVLT) is based on the BEP-20 standard like Binance Coin (BNB) and each transaction made with Revolutux (RVLT) will have a 10% fee and 5% will be distributed to Revolutux (RVLT) wallets. 

Lastly, the company founded in 2015 in the UK has launched an additional payment system by the name Revolut Pay.

This payment method is extremely smart and fast and aims to finalize hesitant customers who on e-commerce abandon the shopping cart in 80% of cases due to lengthy online payment processes and confused in the limited choice of payment methods. 

Revolut Pay will reduce cart abandonment due to fast payment but is now undermined by the recent events on Sunday which however the parent company has reassured that it will effectively resolve in the very short term in order to protect its investors.