Flutterwave Debunks Hack Rumour As Fraudsters Allegedly Steal N2.9 billion From Accounts

One the biggest Fintech companies in Africa, Flutterwave has debunked the news that their system was hacked into and customers’ funds totaling N2.9 billion was stolen by fraudsters.

According to a report by Techpoint.Africa, the incident occurred in early February this year and the amount involved is ₦2,949,557,867.

Techpoint.Africa also confirmed that Flutterwave had reached out to law enforcement agents to freeze the accounts of 27 financial institutions in Nigeria.

Flutterwave has, however, issued a statement denying that such fraudulent activities took place on its platform.

“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 statement read.

Flutterwave further stated “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.”

Techpoint.Africa’s story was also confirmed by the Punch as it reported that the fraud case was reported at the office of the Deputy Commissioner of Police, State Criminal Intelligence Department, Panti, Yaba by the tech giant’s counsel, Albert Onimole.