- Flutterwave has denied allegations that hackers stole N2.9bn from its platform and stashed the funds in 27 bank accounts
- The company stated that its security measures are robust enough to prevent such attacks
- The fintech company has also assured its users and the public that their funds are safe and secure on its platform
Flutterwave, a Nigerian fintech company, has denied allegations that hackers stole N2.9bn from its platform and distributed the funds to 27 different bank accounts.
On Sunday, March 5, 2023, The Punch and several other news outlets reported that the leading fintech company was a victim of cyberattacks.
However, in a statement obtained by Legit.ng, Flutterwave stated that the allegations are baseless and that the company's security measures are robust enough to prevent such attacks.
Part of its statement reads:
PAY ATTENTION: Subscribe to Digital Talk newsletter to receive must-know business stories and succeed BIG!
"As a financial institution, we take the responsibility of keeping our customers' personal and financial information seriously.
"We invest heavily in security initiatives such as periodic audits, certifications, and licenses in line with global best practices in information security management.
"We want to reassure you that Flutterwave has not been hacked."
The Unicorn company, nevertheless, confirmed that it identified an unusual trend of transactions on some users' profiles during a routine check of its transaction monitoring system.
According to the statement, the company's team immediately launched a review, which revealed that some users who had not activated recommended security settings might have been susceptible.
However, Flutterwave noted that no user had lost any funds, and its security measures were able to address the issue before any harm could be done to its users.
The statement continues:
"We understand that any potential security breach can cause anxiety and concern among our customers. We want you to continue to trust us and feel secure in using Flutterwave for your business needs.
"As a financial institution, we keep an eye on transactions using our fraud desk, which is staffed around-the-clock, and our transaction monitoring tools. To maintain the safety and security of our ecosystem, we work together with other financial institutions and law enforcement organisations.
"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."
Flutterwave further urged its customers to activate all its recommended security settings.
Flutterwave, other tech companies with the biggest deals in 2022 worth over N100bn
In another report, Legit.ng revealed how Nigeria startups led by Flutterwave struck million-dollar deals with global investors.
Commercial banks to stop cash withdrawal by states, councils, others in obedience to NFIU directives
The money was raised from local and foreign investors, and it represented some of the biggest deals in Africa.
Five of the deals stand out, led by Flutterwave, which raised over $200 million from investors.