Flutterwave refutes claims of N2.9bn hacking incident

Flutterwave, an African fintech unicorn, denies that hackers stole 2,949,557,867.

On Sunday, it was previously reported that hackers had stolen 2,949,557,867 yen from the company’s accounts, affecting over 300 customers.

On Sunday, the business did not disclose any such incident.

“We want to reassure you that Flutterwave has not been hacked,” the company stated. We review any suspicious activity as a financial institution and monitor transactions through our transaction monitoring systems and 24-hour fraud desk.

To keep our ecosystem safe, we work with other financial institutions and law enforcement agencies.

It also stated that neither the company account nor any of its customers had their funds stolen.

We discovered an unusual pattern of transactions on the profiles of some users during a routine check of our transaction monitoring system. In accordance with our standard operating procedure, our team immediately began a review, which revealed that some users might have been vulnerable if they had not activated some of our recommended security settings.

“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. We want to confirm that no user lost any funds. Flutterwave has not been hacked, and we want to reassure you of that. Added Flutterwave.

However, Albert Onimole, the tech company’s attorney, had informed the Deputy Commissioner of Police, State Criminal Intelligence Department, Panti, Yaba, of the case.

The hack on Flutterwave’s accounts occurred a few weeks ago, according to Onimole’s letter, revealing that the aforementioned sum was initially transferred to 28 accounts in 63 transactions.

The police have not yet frozen the receiving accounts to stop the money from being moved, despite the fact that the accounts that received the money were listed.

Flutterwave says that some commercial banks let the money move to other accounts, which made the money trail longer.