A digital banking startup named Revolut confirmed last week's breach, which gave hackers access to the personal information of tens of thousands of consumers. The company, which possesses a banking license in Lithuania, informed the national data protection authorities of the hack on Friday.
The most valuable fintech startup in the UK is Revolut, a London-based company valued at $33 billion by Forbes. It has around 20 million users throughout 200 nations, although Europe and the UK are where it is most widely used.
Nikolay Storonsky, born in Russia, and Vlad Yatsenko, born in Ukraine, founded the app Revolut in 2015. Big-name funds like Tiger Global Management, SoftBank Vision Fund, and Credit Suisse are a few of the startup's backers.
According to an email provided by the firm to users who were hit by the attack, the Revolut hack occurred on the night of September 11, and only 0.16% of its clients were harmed. The company claimed that it had experienced "a highly targeted cyberattack by an unauthorized third party" that may have had access to some of the user data for a brief period in the email, which was provided to The Record by one of its readers stationed in Lithuania.
According to the company, the exposed information varies depending on the consumer but often consists of user names, emails, postal addresses, phone numbers, and payment card data. The organization assured customers that no money was stolen and no passwords, PINs, or card information were accessed.
Users of Revolut were informed that the company "immediately detected and isolated the cyberattack." The organization has already started an internal investigation into the data breach, according to the declaration of the breach to the Lithuanian data privacy regulator.
The business also assembled a special squad to monitor the vulnerable accounts. However, users don't need to take any action and can continue using their cards as usual, according to Revolut's email.
According to early evidence from the business to Lithuanian regulators, hackers gained entry to the Revolut database through social engineering. This technique deceives customers into breaching security or disclosing personal information. Users who the cyberattack has impacted are "at heightened risk of fraud," the business cautioned, and they were urged to keep an eye out for any threatening emails, phone calls, or texts.
One user unaffected by the assault reported on Twitter shortly after the incident that he had received a phishing SMS from Revolut informing him that his credit card had been "blocked to avoid fraud."
"We take incidents such as these incredibly seriously, and we would like to sincerely apologize to any customers who have been affected by this incident as the safety of our customers and their data is our top priority at Revolut," Bodansky added.
About Revolut
Revolut Ltd (Revolut) is a provider of banking and payment services. The business provides multi-currency cards and a mobile app with options for peer-to-peer payments, bank transfers, and currency exchange. Additionally, it offers commercial and personal financial services. Users may budget and analyze their spending, use open banking, swap currencies at interbank rates, and track their money in real-time using Revolut's platform. Additionally, the business offers investment, security, foreign transfers, insurance, and cryptocurrency exchange services. Freelancers, small and medium-sized companies, people, and corporate clients are all served by Revolut. It operates in North America, Europe, and the Asia-Pacific region. Revolut's headquarters are in London, United Kingdom.
