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Nigerian fintech Flutterwave dismisses hacking claims

Nigerian fintech Flutterwave dismisses hacking claims

Flutterwave has dismissed reports that its systems were compromised by hackers leading to the loss of millions of customer funds.  

A  number of several African tech publications had put up information that the Nigerian fintech had lost $4 million to hackers who penetrated the company’s systems in early February. The money was allegedly disbursed to accounts in various financial institutions in Nigeria.

According to the reports, a number of Flutterwave customers have reported that some commercial banks allowed the money to be moved to other accounts, complicating the money trail.

Flutterwave has however dismissed these reports saying they have not been hacked.

‘’At Flutterwave, we understand that our customer’s 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.’’ the company said in a statement. 

‘’We want to reassure you that Flutterwave has not been hacked.’’ the statement further read. 

Flutterwave however admits that it recently identified an unusual trend of transactions on some user's profiles. This, the company says was during a routine check of its transactions monitoring system. 

‘’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 says noting that no user lost any funds. 

‘’..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.’’

Flutterwave has been in the news, especially in Kenya. Last year, the  High Court froze the company’s accounts for several months on suspicion of money laundering. The order was later lifted after the company was cleared of any wrongdoing by the Assets Recovery Authority(ARA).




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