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Flutterwave Refutes Security Breach, Assures Customers of Safety of Accounts

Flutterwave, the African fintech unicorn has denied being hacked after reports emerged that hackers had stolen $4 million from Flutterwave accounts in Nigeria.

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

However, no user lost any funds, and Flutterwave’s security measures addressed the issue before any harm could be done.

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.

Yesterday, TechTV Network reported that hackers transferred over 2.9 billion naira form 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.

The recent developments in the Flutterwave hack highlight the increasing threat of cybercrime and the need for companies to invest in robust security measures to protect themselves and their customers. Flutterwave’s commitment to keeping its users’ financial information safe and secure remains strong, and it urges its customers to continue to trust it and feel secure in using its services for their business needs.

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