Flutterwave Denies N2.9bn Claims To Hackers

Flutterwave, an African fintech company, has denied reports that its systems were hacked and over N2 billion in funds were removed from its accounts.

Techpoint. Africa had reported that hackers illegally transferred ₦2,949,557,867 from the company’s accounts, affecting over 300 customers.

However, Flutterwave stated that it did not encounter any breach activity and no users lost any funds, clarifying that some users who had not activated recommended security settings may have been susceptible to a breach.

 “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. We collaborate with other financial institutions and law enforcement agencies to keep our ecosystem safe and secure.”

“During a routine check of our transaction monitoring system, we identified an unusual trend of transactions on some users’ profiles. Our team immediately launched a review (in line with our standard operating procedure), which revealed that some users who had not activated some of our recommended security settings might have been susceptible.”

“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. We want to reassure you that Flutterwave has not been hacked.” Flutterwave said.

Some users complained on Twitter that their accounts were frozen by their banks following an order from Flutterwave, while a police statement, purportedly sent on behalf of Flutterwave, acknowledged a breach by internet hackers.

Meanwhile, the accounts that received the money were listed, but the police are yet to freeze the receiving accounts to prevent the money from being moved.

According to Flutterwave, some commercial banks allowed the money to be moved to other accounts, widening the money trail.