Cyber Attack: Flutterwave denies losing N2.9bn Customer Funds

Flutterwave says its accounts have not been hacked.

There have been concerns over a purported illegal transfer of funds from the fintech company, with netizens taking to social media to express worries.

In a statement on Sunday, Flutterwave said none of its customers have lost their funds.

The company said the personal and financial information of its customers is critical.

The fintech company said it takes its responsibility seriously and understands that any potential security breach can cause anxiety and concern among its 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,” the statement reads.

Flutterwave said it works with other financial institutions and law enforcement agencies to ensure the safety and security of its ecosystem.

During a routine check of its transaction monitoring system, Flutterwave said it 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,” the company said.

“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 in using Flutterwave for your business needs. Our commitment is to enable your business growth while keeping your financial information safe and secure.”