Flutterwave Assures Customers Safety of Funds, Denies N2.9bn Hack

By Aduragbemi Omiyale

A fintech giant, Flutterwave, has denied claims that N2.9 billion was stolen from the accounts of its customers by hackers, assuring the safety of their funds.

In a statement issued by the Head of Branding and Storytelling at Flutterwave, Ms Yewande Akomolafe-Kalu, the firm stressed that it “has not been hacked.”

It explained that during a routine check of its transaction monitoring system, it observed an unusual trend of transactions on some users’ profiles, and it quickly took action.

“At Flutterwave, we understand that our customers’ personal and financial information is of the utmost importance. We take this responsibility seriously and understand that any potential security breach can cause anxiety and concern among our customers.

“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.

“Our commitment to keeping our users’ financial information safe and secure is why we invest heavily in security initiatives such as periodic audits, certifications, and licenses such as the PCI-DSS & ISO 27001. These are in line with global best practices in information security management.

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