The problem first appeared episodically in late 2021. Organised criminal groups then took advantage of the fault early in 2022, according to three people with knowledge of the situation, encouraging individuals to try to make expensive purchases that would go on to be declined. This would then be cashed out via ATMs.
This was followed by requests from Revolut’s US subsidiary for multimillion dollar cash injections from its parent, after which the company worked to eventually close the flaw around spring 2022.The loss relating to the theft was not specifically disclosed in the delayed 2021 results. Auditor BDO separately warned that Revolut’s revenues could have been “materially misstated” as it was unable to satisfy itself of the “completeness and occurrence” of about two-thirds of its revenues reported for 2021.