Key Takeaways
- Italian prosecutors in Reggio Calabria are investigating a cyberattack and extortion attempt against banking app Revolut.
- Hackers stole data belonging to 700 European clients after compromising an Italian Certified Electronic Mail (PEC) account.
- The cybercriminals demanded a three-million-dollar ransom to withhold the compromised customer information.
According to reporting by Euronews, prosecutors in Reggio Calabria have formally opened an inquiry into a sophisticated scam directed against the digital banking platform Revolut. Criminal perpetrators reportedly breached the system by exploiting an Italian Certified Electronic Mail (PEC) account, allowing them to illicitly access sensitive personal and financial data belonging to approximately 700 European customers. Following the data breach, the unidentified hackers issued a steep financial demand of three million US dollars in exchange for not releasing or misusing the compromised client information, prompting immediate law enforcement involvement in southern Italy. This security incident highlights persistent vulnerabilities within digital financial infrastructures operating across the European Union single market. As cross-border neo-banks scale rapidly and handle millions of transactions under harmonised EU financial regulations, they remain prime targets for sophisticated cybercriminal networks. The exploitation of institutional communication channels like Italy's PEC system also underscores the complex challenges national authorities face in securing digital administrative tools that bridge domestic and pan-European financial services. For citizens and businesses using digital-first financial services, the breach underscores ongoing concerns regarding data privacy and the resilience of fintech platforms against targeted extortion plots. Policymakers and European regulators are expected to monitor the Reggio Calabria investigation closely as it proceeds, potentially sparking renewed scrutiny over cybersecurity compliance and incident reporting protocols for pan-European credit institutions under existing EU digital finance frameworks.
Source: Euronews. Read the original report ↗
Frequently Asked Questions
How many European clients were affected by the Revolut data breach?
Data belonging to approximately 700 European clients was stolen during the security incident.
Which authorities are leading the investigation into the hack?
Prosecutors in Reggio Calabria, Italy, have opened an official inquiry into the scam.