Flutterwave Has Come To Deny the Fact That Hackers Loot Away N2.9 Billion

The Nigerian financial technology company Flutterwave has denied allegations that claim hackers stole as much as $6.3 million from customer accounts. The financial technology company stated that a regular review of its transaction monitoring system was what led to the discovery of "an unexpected pattern of transactions on some customers' profiles."

It has been reported that hackers took around $6.3 million from client accounts, however the Nigerian fintech startup known as Flutterwave has stated that these accusations are not true. The financial technology company stated in a statement that it published on March 5 that it was able to "fix the issue before any harm could be done to our customers." This was in reference to the fact that the company had taken corrective action "before any harm could be done to our users."

Following the publication of a report by Techpoint that stated that as much as $6.3 million (2.9 billion naira) may have been stolen from consumers' accounts, Flutterwave released a statement denying the hacking allegations. 

According to the story, the hacking event is believed to have taken place at the beginning of February, and in response to this, Flutterwave is reported to have filed a move to freeze accounts in as many as 27 different banking institutions.

However, despite the fact that the statement gave the impression that Flutterwave is collaborating with "other banking firms and law enforcement agencies to keep our ecosystem safe and secure," the fintech company insisted that it only took action after discovering anomalies on the accounts of some users.

"When doing a standard check of our transaction monitoring system, we came across an unusual pattern of transactions on the accounts of several of our users.” According to the explanation provided by the financial technology company, “Our team promptly initiated a review (in accordance with our regular operating process), which indicated that certain individuals who had not engaged some of our suggested security settings would have been vulnerable."

Flutterwave stated that it was able to solve the issue thanks to the preventative measures it implemented, which allowed it to do so before "any harm could be done to our users."

Tweets Below Show Evidence That Flutterwave Was Hacked