UK FinTech company Revolut hit by cyber attack, compromises 50,000+ client data

According to reports, British financial technology company Revolut was recently the target of a significant cyber data attack. The fintech company, founded in 2015, reported that the personal data of tens of thousands of its customers had been compromised.

British FinTech company Revolut hit by cyber attack

In a statement courtesy of TechCrunch, Revolut spokesperson Michael Bordansky told the online paper that an unauthorized third party gained access to 0.16 percent of its customers for a short period of time. This amounts to more than 50,000 individuals exposing their sensitive data to hackers.

According to Revolut’s data breach disclosure to the Norwegian Data Protection Authority, the critical information was obtained using social engineering methods. Most social engineering methods involve impersonating an employee or stealing personnel access to gain access to a company’s internal computer network. This method is similar to those recently reported by Uber.

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The majority of customers affected by the breach are from Europe. Revolut has revealed that the recently discovered data breach affected 20,687 customers. Meanwhile, the data security breach affected 379 Lithuanian users. This cyberattack is a nightmare for the fintech company, which has 20 million customers worldwide.

At the time of writing, the financial company has not yet specified what kind of information was exposed in the recent cyber attack. In an interview with TechCrunch, Revolut assured users that no funds were manipulated during the hacking incident. Furthermore, Revolut’s security team acted quickly to remove the attacker’s access to the company’s customer data and bring the incident to an end.

Money is safe, says Revolut

According to a BleepingComputer report, the Lithuanian Data Protection Agency says the breach exposed personal data such as email addresses, full names, postal addresses, phone numbers, limited payment card data and account data. Revolut clarifies that the data accessed by each client was unique.

“Our customers’ money is safe – as it always has been. All customers can continue to use their cards and accounts as normal,” the Revolut spokesperson said to reassure breach victims.

In response to a recognized text message scam, Revolut reminded its user base that it will never ask customers for data via text message. The UK fintech firm went on to advise its customers on how to identify fraudulent and phishing emails and texts.

Computer security watchdogs advise internet users to surf with awareness and caution. Ptil also emphasizes how cybercriminals are constantly looking for ways to make money at the expense of others’ personal safety.

“We take incidents like these incredibly seriously and we would like to sincerely apologize to all customers who have been affected by this incident,” Revolut told reporters.

A number of phishing attempts have already been detected due to the breach. The fintech firm advises users to learn more about online security measures.

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