Sources: Revolut's US system let criminals steal $20M+ over several months in 2022 before Revolut shut the loophole, equivalent to ~66% of its 2021 net profit
An important point from @DanNeidle: despite all the hype, major theft of actual cash from big financial institutions via cyber attack is not unknown (Bank of Bangladesh, Tesco Bank etc) but it's surprisingly rare https://twitter.com/...
I've always thought it surprising (and impressive) that no major developed-world financial institution has lost money from hacking. So perhaps we should expect this to happen more often? https://www.ft.com/...
Revolut lost 20mn (or two thirds of their 2021 profits) to thieves in the US who took advantage of the company's poor fraud prevention systems. This is nuts. https://www.ft.com/...