Flutterwave denies claims hackers stole N2.9bn from its platform

Flutterwave, a Nigerian fintech company, has denied allegations that hackers stole N2.9bn from its platform and shared the funds to 27 different bank accounts.

Several news outlets reported on Sunday, March 5, 2023, that one of the leading fintech companies was a victim of cyberattacks.

However, in a statement obtained by Ripples Nigeria, Flutterwave stated that the allegations were baseless and that the company’s security measures were robust enough to prevent such attacks.

Part of its statement reads: “As a financial institution, we take the responsibility of keeping our customers’ personal and financial information seriously.

“We invest heavily in security initiatives such as periodic audits, certifications, and licenses in line with global best practices in information security management.

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

The Unicorn company, however, confirmed that it identified an unusual trend of transactions on some users’ profiles during a routine check of its transaction monitoring system.

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According to the statement, the company’s team immediately launched a review, which revealed that some users who had not activated recommended security settings might have been susceptible.

However, Flutterwave noted that no user had lost any funds, and its security measures were able to address the issue before any harm could be done to its users.

The statement continues: “We understand that any potential security breach can cause anxiety and concern among our customers.

“As a financial institution, we monitor transactions using our fraud desk, which is staffed around the clock, and our transaction monitoring tools. To maintain our ecosystem’s safety and security, we work with other financial institutions and law enforcement organizations.

“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 licenses such as the PCI-DSS & ISO 27001. These are in line with global best practices in information security management.”

Flutterwave further urged its customers to activate recommended security settings.

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