Flutterwave, the leading African fintech company, has denied reports that it platform was hacked and that over N2 billion worth of funds from its account were removed. However, the company did acknowledge an unusual trend of transactions on users’ profiles, but assured that no user had lost any money, Businessday reports.
As per Techpoint’s report earlier on Sunday, hackers had breached Flutterwave’s system and carted away with approximately ₦2.9 billion from the company’s accounts. The reports also revealed that the company was looking to freeze the accounts of up to 300 customers from different banks. Techpoint Africa claimed it also saw documents that confirmed that ₦2,949,557,867 was illegally transferred from Flutterwave’s accounts. The company’s legal counsel, Albert Onimole, reported the case on February 19, 2023 to the Deputy Commissioner of Police, State Criminal Intelligence Department, Panti, Yaba, Lagos.
The hack on the accounts allegedly occurred on February 13, Flutterwave then went on to report the incident outlining the list of accounts in which funds were transferred to, but the police could not freeze the funds. Some users have claimed that their accounts were frozen due to the alleged hack.
However, Flutterwave has reassured its customers that it did not encounter any breach activity and continues to work with financial institutions and law enforcement agencies to keep its ecosystem safe and secure.
“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,” the company noted in a statement BusinessDay received.
According to the African Unicorn, the company identified an unusual trend of transactions on users’ profiles during a routine check of its transaction monitoring system. Upon review, the company found that some users who had not activated recommended security settings might have been susceptible. Flutterwave has urged users to activate their recommended security settings to ensure their accounts remain secure.