BusinessNewsNigeriaFlutterwave denies viral report of hackers stealing N2.9bn from company’s accounts

Nigerian fintech company Flutterwave has debunked claims of losing N2.9 billion to hackers, assuring customers that there was no security breach in its systems.

According to a report by Techpoint Africa and corroborated by some media outlets on Sunday, hackers made away with the sum of N2,949,557,867 from the company’s accounts, adding that the funds were illegally transferred into 28 accounts with different commercial banks in Nigeria.

The report further said while a police investigation is ongoing, Flutterwave is seeking to freeze the bank accounts where some of the stolen money was transferred.

However, in a prompt response to the reports, the fintech company said though it observed an “unusual trend of transactions on some users’ profiles” during a routine check, no customer has lost their funds.

The official statement reads, “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.”

Flutterwave urged customers to continue to trust the company while it ensures that their financial information is safe and secure.

“We want you to continue to trust us and feel secure in using Flutterwave for your business needs. Our commitment is to enable your business growth while keeping your financial information safe and secure,” the company added.