Hackers have stolen account data from the online bank Revolut, with a number of Switzerland- based clients also impacted.
Unknowingly, because it believed it was communicating with Italian law enforcement authorities, the e-bank handed over the account details of nearly 700 of its customers to criminals.
How did this happen?
The hackers posed as a law enforcement agency in Italy and pressured Revolut to divulge account data they allegedly needed to conclude an investigation.
Once the bank caved in, the fraudsters published their ransom demand online.
They are demanding that Revolut pays them 3 million (US) dollars in exchange for not releasing their customer’s data.
The bank’s response to the threat is not known at this point, nor how many Switzerland-based customers had their accounts hacked.
Bad timing
Obviously, there is no such thing as an ‘opportune’ moment for this kind of calamity.
However, what makes the bad situation even worse is that the incident occurred just as Revolut is seeking to further expand its presence in Switzerland and has just applied for a Swiss banking license.
Are Swiss banks safe from this type of threat?
Generally speaking, large banks – both in Switzerland and abroad – can be considered ‘safe’ as ithey spend a lot of money for advanced cybersecurity infrastructure.
However, cyber criminals are, unfortunately, getting more devious and are increasingly more able to bypass many safety nets.
