Global bank and financial technology company Revolut was hacked, resulting in more than US$20m having been stolen. A flaw in Revolut's US payment system allowed cyber criminals to steal millions over a period of several months in 2022 before the company could close the loophole. As first reported by The Financial Times, the fintech's systems failed to pick up on the mass fraud, with the problem only coming to light when a partner bank notified it that it was holding less cash than expected. This situation stresses the significance of increased global cyber attacks and how businesses - especially financial organisations - would benefit from investing more into cybersecurity. Software vulnerability leaves room for 'bad actors'. Despite the breach not being publicly commented on by the company, it has become clear that there was a cyber bug that allowed users to have a payment declined and then have Revolut refund the money that was never sent. Cyber criminals then began to exploit this problem, without the use of malware, but rather encouraging people to make expensive purchases that could be declined. They would then withdraw the refunded money from ATM machines, resulting in Revolut losing nearly US$23m. Sensitive data was accessed as part of the hack, including names, addresses, email addresses and partial payment card information.