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Revolut Faces $20 Million Loss as Attackers Exploit Payment System Weakness

Revolut Faces $20 Million Loss as Attackers Exploit Payment System Weakness

Jul 10, 2023
Malicious actors exploited an unknown flaw in Revolut's payment systems to steal more than $20 million of the company's funds in early 2022. The development was  reported  by the Financial Times, citing multiple unnamed sources with knowledge of the incident. The breach has not been disclosed publicly. The fault stemmed from discrepancies between Revolut's U.S. and European systems, causing funds to be erroneously refunded using its own money when some transactions were declined. The problem was first detected in late 2021. But before it could be closed, the report said organized criminal groups leveraged the loophole by "encouraging individuals to try to make expensive purchases that would go on to be declined." The refunded amounts would then be withdrawn from ATMs. The exact technical details associated with the flaw are currently unclear. About $23 million was stolen in total, with some funds recovered by pursuing those who had withdrawn cash. The mass
Someone Stole Almost Half a BILLION Dollars from Japanese Cryptocurrency Exchange

Someone Stole Almost Half a BILLION Dollars from Japanese Cryptocurrency Exchange

Jan 26, 2018
Coincheck, a Tokyo-based cryptocurrency exchange, has suffered what appears to be the biggest hack in the history of cryptocurrencies, losing $532 million in digital assets (nearly $420 million in NEM tokens and $112 in Ripples ). In 2014, Mt Gox , one of the largest bitcoin exchange at that time, filed for bankruptcy after admitting it had lost $450 million worth of Bitcoins. Apparently, the cryptocurrency markets reacted negatively to the news, which resulted in 5% drop in Bitcoin price early this morning. In a blog post published today, the Tokyo-based cryptocurrency exchange confirmed the cyber heist without explaining how the tokens were stolen, and abruptly froze most of its services, including deposits, withdrawals and trade of almost all cryptocurrencies, except Bitcoin. Coincheck also said the exchange had even stopped deposits into NEM cryptocurrencies, which resulted in 16.5% drop in NEM coin value, as well as other deposit methods including credit cards. Durin
6 Ways to Simplify SaaS Identity Governance

6 Ways to Simplify SaaS Identity Governance

Feb 21, 2024SaaS Security / Identity Management
With SaaS applications now making up the vast majority of technology used by employees in most organizations, tasks related to identity governance need to happen across a myriad of individual SaaS apps. This presents a huge challenge for centralized IT teams who are ultimately held responsible for managing and securing app access, but can't possibly become experts in the nuances of the native security settings and access controls for hundreds (or thousands) of apps. And, even if they could, the sheer volume of tasks would easily bury them. Modern IT teams need a way to orchestrate and govern SaaS identity governance by engaging the application owners in the business who are most familiar with how the tool is used, and who needs what type of access.  Nudge Security is a  SaaS security and governance solution  that can help you do just that, with automated workflows to save time and make the process manageable at scale. Read on to learn how it works. 1 . Discover all SaaS apps used b
Hacker Uses A Simple Trick to Steal $7 Million Worth of Ethereum Within 3 Minutes

Hacker Uses A Simple Trick to Steal $7 Million Worth of Ethereum Within 3 Minutes

Jul 18, 2017
All it took was just 3 minutes and ' a simple trick ' for a hacker to steal more than $7 Million worth of Ethereum in a recent blow to the crypto currency market. The heist happened after an Israeli blockchain technology startup project for the trading of Ether, called CoinDash , launched an Initial Coin Offering (ICO), allowing investors to pay with Ethereum and send funds to token sale's smart contact address.. But within three minutes of the ICO launch, an unknown hacker stole more than $7 Million worth of Ether tokens by tricking CoinDash's investors into sending 43438.455 Ether to the wrong address owned by the attacker. How the Hacker did this? CoinDash's ICO posted an Ethereum address on its website for investors to pay with Ethereum and send funds. However, within a few minutes of the launch, CoinDash warned that its website had been hacked and the sending address was replaced by a fraudulent address, asking people not to send Ethereum to the pos
cyber security

NIST Cybersecurity Framework: Your Go-To Cybersecurity Standard is Changing

websiteArmorPointCybersecurity / Risk Management
Find everything you need to know to prepare for NIST CSF 2.0's impending release in this guide.
ATMs in Thailand Hacked; 12 Million Baht Stolen; 10,000 ATMs Prone to Hackers

ATMs in Thailand Hacked; 12 Million Baht Stolen; 10,000 ATMs Prone to Hackers

Aug 24, 2016
Thailand has suffered its first ATM Hack! An Eastern European gang of criminals has stolen over 12 Million Baht (approximately US$350,000) from a total of 21 ATMs in Bangkok and other five provinces by hacking a Thai bank's ATM network; police said Wednesday The Central Bank of Thailand (BoT) has issued a warning to all commercial banks about security flaws in roughly 10,000 ATMs that were exploited to steal cash from the machines. The warning came shortly after the state-owned Government Savings Bank (GSB) shut down approximately 3,000 of their ATMs following an ongoing police investigation into the recent hack in which hackers were able to infect many its cash machines with malware. GSB found that millions of Thailand Baht were stolen between August 1 and 8 from 21 ATMs across the provinces of Bangkok, Phuket, Chumphon, Prachuap Khiri Khan, Phetchaburi, and Surat Thani, the Bangkok Post reports. The hackers made over 12.29 Million Thailand Baht (US$346,000) by inser
Bitcoin Exchange Offers $3.5 Million Reward for Information of Stolen Bitcoins

Bitcoin Exchange Offers $3.5 Million Reward for Information of Stolen Bitcoins

Aug 14, 2016
Hong Kong-based Bitcoin exchange 'Bitfinex' that lost around $72 Million worth of its customers' Bitcoins last week is now offering a reward of $3.5 Million to anyone who can provide information that leads to the recovery of the stolen Bitcoins. Bitfinex revealed on August 2 that the cryptocurrency exchange had suffered a major security breach, which resulted in the loss of nearly 120,000 BTC. The hack led to a 36 percent loss for each Bitfinex customer, who will be issued tokens to be redeemed as the company is able to reimburse the losses. Now, the exchange is willing to offer 5% of the lost funds ( nearly 6,000 BTC ) as a reward for the recovery of the stolen bitcoins. The news came after a Reddit user, using alias someguy916, inquired about a reward Bitfinex would be willing to offer for the stolen bitcoins. In response to the question, Bitfinex community director Zane Tackett stated that a bounty would be awarded to anyone who has information that would hel
JPMorgan Hack — Three Men Charged in Biggest Bank Hack in History

JPMorgan Hack — Three Men Charged in Biggest Bank Hack in History

Nov 10, 2015
The US government has charged hackers over the largest ever hacking case in financial history. The US Court of the Southern District of New York has charged three men accused of hacking into many financial institutions, including JPMorgan Chase that, according to the officials, was "the largest theft of user data from a U.S. financial institution in history." JPMorgan Chase is one of the world's biggest banks that controls total assets worth more than $2.59 Trillion . The Hackers targeted at least nine financial institutions between 2012 and mid-2015, including JPMorgan Chase, brokerages and a major business news publication, and stolen information of " over 100 Million customers ," Bloomberg reported Tuesday. The three men, including Gery Shalon , Ziv Orenstein , and Joshua Samuel Aaron were charged with 23 counts, including hacking, identity theft, securities fraud, and money laundering, among others. A separate indictment was also
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