Revolut has officially confirmed that some of its Irish customers have been affected by a data breach at a US broker, marking the second security incident this month for the fintech platform. According to a Revolut spokesperson, the breach involves DriveWealth, a US broker that provides US stock trading services for Revolut customers. DriveWealth provides execution and clearing services for Revolut customers who use an optional US stock trading feature, holding customer information to carry out and settle trades and for US regulatory compliance. The company confirmed that Revolut's systems and infrastructure were not accessed or compromised, and customer funds and investments are safe. No Revolut passwords, passcodes, card details, or ID documents were exposed in this incident.
The breach resulted from a social engineering attack that manipulated people into revealing sensitive information rather than exploiting technical software flaws directly. As reported by The Times of India, DriveWealth confirmed this was exactly how attackers gained unauthorized network access. The exposed data covers only historic customer records from before Revolut changed its trading model, with the cutoff falling in December 2023 in the European Economic Area, including Ireland. DriveWealth attributed the access to a sophisticated social engineering campaign carried out by unknown third parties, with no unauthorized brokerage activity identified including trades, transfers, withdrawals, or changes to balances and positions.
The exposed information may include names, email addresses, phone numbers, postal addresses, employment details, and biographical data like citizenship, age, and gender. According to The Times of India, partial DriveWealth account numbers were also affected. However, passwords, payment card details, bank information, Revolut passcodes, identity documents, and Social Security numbers were not compromised. DriveWealth confirmed it is monitoring accounts and is not aware of any identity fraud or misuse of information directly resulting from the incident. A Revolut spokesperson confirmed DriveWealth has written to individual Irish customers affected, while Revolut has written to these customers separately, stating that if you haven't received an email, you are not affected.
This breach follows a separate incident earlier this month when a sophisticated impersonation scam using a legitimate Italian government email domain tricked Revolut into releasing sensitive data. As reported by The Times of India, that case affected roughly 680 customers globally and involved identity documents. The breach also reached beyond Revolut, with Stake and Hatch, two other platforms using DriveWealth's infrastructure, confirming similar exposure. Revolut serves approximately 3.4 million customers in Ireland alone, with more than 1 in 10 of these customers now investing using the platform, according to a Revolut statement. Investment portfolios totalling over €1.2 billion are managed through the platform's US stock trading feature.
