Flutterwave claims N2.9bn hack loss false

Flutterwave, a Nigerian fintech firm, has refuted reports that hackers stole N2.9 billion from its platform and transferred the funds to 27 bank accounts. Several media outlets reported on Sunday, March 5, 2023, that the prominent fintech firm had been a target of cyberattacks. Flutterwave, however, denied the allegations, insisting that its security measures were robust enough to prevent such attacks.

The company stated that it takes the responsibility of keeping its customers’ personal and financial information seriously, and invests heavily in security initiatives, such as periodic audits, certifications, and licenses, in line with global best practices in information security management. Flutterwave reassured its customers that it had not been hacked.

The unicorn firm confirmed, however, that it discovered an unusual trend of transactions on some users’ profiles during a routine check of its transaction monitoring system. The company’s team immediately launched a review, which revealed that some users who had not activated recommended security settings might have been susceptible.

Flutterwave noted that none of its users had lost any funds, and its security measures were able to address the issue before any harm could be done to its customers. The company pledged its commitment to maintaining its users’ financial information’s safety and security, stressing that it works with other financial institutions and law enforcement organizations to maintain its ecosystem’s safety and security.

The firm’s statement continued that the potential security breach could cause anxiety and concern among its customers, and so, Flutterwave would maintain its fraud desk, which is staffed around the clock and transaction monitoring tools. Flutterwave invests heavily in security initiatives such as periodic audits, certifications, and licenses such as the PCI-DSS & ISO 27001, which are in line with global best practices in information security management, the statement added.