The problem stemmed from differences between European and US payment systems, which meant that when certain transactions were declined Revolut would erroneously refund accounts, handing them its own money, according to three people with knowledge of the situation.
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Revolut’s US payment flaws allowed thieves to steal $20m
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.
