Nigerian Fintech Flutterwave Denies Reports Of Customer Account Hacking – Fintech Bitcoin News

Nigerian fintech Flutterwave has rejected reports suggesting hackers have stolen up to $6.3 million from user accounts. The fintech firm said a routine check of its transaction monitoring system helped uncover “an unusual trend of transactions in some user profiles.”

motion to freeze

Nigerian fintech unicorn Flutterwave has said that reports suggesting hackers stole an estimated $6.3 million from customer accounts are untrue. in a statement Issued on March 5, the fintech insisted that no users lost funds and that the corrective action taken did in fact allow it to “address the issue before any harm could be done to our users.”

Flutterwave’s statement denying the hacking claims followed a Techpoint report suggesting that up to $6.3 million (2.9 billion naira) had been siphoned from user accounts. According to the report, the hacking incident is believed to have occurred in early February and Flutterwave is believed to have reacted by filing a motion to freeze accounts at up to 27 financial institutions.

While the statement suggested that Flutterwave is working with “other financial institutions and law enforcement agencies to keep our ecosystem safe and secure,” the fintech firm insisted that it only took action after detecting anomalies in some user accounts.

“During a routine review of our transaction monitoring system, we identified an unusual trend of transactions in the profiles of some users. Our team immediately released a review (in line with our standard operating procedure), which revealed that some users who had not activated some of our recommended security settings could have been susceptible,” the fintech firm explained.

Flutterwave added that the preventative steps it took helped it address the issue before “our users could be harmed.”

You are popular. I’ll post evidence here, a hack confirmed by a flutterwave staff, my bank confirmed that flutterwave contacted them, flutterwave filed a petition with a lawyer whose seal expired since 2017. Their statement and affidavit swearing this is true, as an oath. pic.twitter.com/zEHVMCgQOn

— Ufedo (@UfedoDavid) March 5, 2023

Meanwhile, on Twitter, some users have rejected Flutterwave’s version of what happened and have insisted that the hacking incident is true. One user, known as Alex Onyia, tweeted that Flutterwave had been hacked by Omar Edewor Trades and that millions of Naira had been stolen from customer accounts. Another user, Ufedo, shared “evidence” proving that the hacking incident occurred.

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Terence Zimwara

Terence Zimwara is an award-winning journalist, author and writer in Zimbabwe. He has written extensively about the economic problems of some African countries and how digital currencies can provide an escape route for Africans.