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Flutterwave Debunks N2.9Bn Hacking Claims

Fintech company, Flutterwave on Sunday denied reports that its account was hacked and the sum of N2.9 billion was lost to fraudsters.

This development was disclosed in a statement issued on Sunday, as Africa-focused payments company disclosed that said it collaborates with other financial institutions and law enforcement agencies to keep its ecosystem safe and secure.

The statement read: “We want to reassure you that Flutterwave has not been hacked. As a financial institution, we monitor transactions through our transaction monitoring systems and 24-hour fraud desk and review any suspicious activity.”

The reports on Sunday, revealed that the funds were illegally transferred into several accounts with different Deposit Money Banks in Nigeria after hackers made away with ₦2.9 billion from the company’s accounts.

The reported breach made the company take an order to free the accounts of several customers in many banks and that over 300 customers have been affected, the reports said.

In response to alleged customers’ loss of money, Flutterwave which has its headquarts in San Francisco also denied the allegation in its statement. Saying that none of its users lost any funds after emphasizing that its payment system was not hacked.

The statement noted: “We want to confirm that no user lost any funds, and we take pride in the fact that our security measures were able to address the issue before any harm could be done to our users.”

“At Flutterwave, we understand that our customers’ personal and financial information is of the utmost importance. We take this responsibility seriously and understand that any potential security breach can cause anxiety and concern among our customers.”

Meanwhile, the company while making its claims clearer also revealed that, it identified an unusual trend of transactions on some users’ profiles and that its team acted accordingly, during a routine check of its transaction monitoring system.

The also statement said, “Our team immediately launched a review (inline with our standard operating procedure), which revealed that some users who had not activated some of our recommended security

The company which was founded in 2016, specialises in individual and consumer transfers assured that its operations can be trusted. It also stressed that they (customers) should feel secure in using Flutterwave for their business needs.

“Our commitment to keeping our users’ financial information safe and secure is why we invest heavily in security initiatives such as periodic audits, certifications, and licences such as the PCI-DSS & ISO 27001. These are in line with global best practices in information security management.”

“Our commitment is to enable your business growth while keeping your financial information safe and secure,” Flutterwave said.

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