Flutterwave denies cyber-attack, assures customers of safety of funds

Nigerian Fintech Company, Flutterwave has reacted to concerns over a purported illegal transfer of funds from the fintech company, with netizens taking to social media to express worries.

Earlier on Sunday, reports said that hackers made away with N2.9 billion from the company’s accounts and that the funds were illegally transferred into several accounts with different Deposit Money Banks in Nigeria.

However, Flutterwave in its statement on Sunday said its payment system was not hacked and that none of its users lost any funds as reported. The company said the personal and financial information of its customers is critical.

“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.

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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.”