Flutterwave denies being hacked, assures customers of security measures
Flutterwave, a leading African fintech company, has denied reports that it was hacked and that hackers stole over $4 million from its accounts in Nigeria.
In a statement released by the company, Flutterwave confirmed that no user lost any funds, and that its security measures were able to address the issue before any harm could be done to its users.
Business Insider Africa reported that hackers transferred over ₦2.9 billion from Flutterwave accounts in Nigeria in early February 2023. Flutterwave’s legal counsel, Albert Onimole, reported the case to the Deputy Commissioner of Police, State Criminal Intelligence Department, Panti, Yaba, Lagos, on February 19, 2023.
Flutterwave sought to freeze accounts where hackers transferred some of the money, and a suit was filed in the Magistrate Court of Lagos to investigate accounts holding the stolen funds across various financial institutions in Nigeria.
During a routine check of its transaction monitoring system, Flutterwave identified an unusual trend of transactions on some users’ profiles. Its team launched a review, which revealed that some users who had not activated recommended security settings might have been susceptible.
Flutterwave’s statement served as a reminder of the importance of security measures, particularly for companies that deal with financial transactions.