Revolut has reportedly been targeted with a $3m ransom demand following a sophisticated impersonation scam. The incident is seen as an example of the growing threats facing financial services firms.
Reports indicate that anonymous hackers managed to compromise an Italian government email system. This allowed them to make requests for the details of hundreds of customers, appearing to be legitimate.
Graeme Stewart, head of public sector at Check Point, stated that the attack on Revolut underlines the threats to financial services firms. He added that a new wave of highly realistic deepfakes, fraudulent emails, voice clones, and tailored impersonations means that a healthy sense of paranoia is now necessary for City workers.
Stewart also highlighted that many scams rely on human error and that robust training programmes around identity verification are important. He noted that security strategy has often been an afterthought for companies adopting new AI tools and technology, and that criminals often gain access through third-party systems.