Nigeria Fintech Flutterwave Denies Client Account Hacking Reports

The Nigerian fintech Flutterwave has rejected reports suggesting that hackers person stolen arsenic overmuch arsenic $6.3 cardinal from idiosyncratic accounts. The fintech steadfast said a regular cheque of its transaction monitoring strategy helped to uncover “an antithetic inclination of transactions connected immoderate users’ profiles.”

Motion to Freeze

The Nigerian fintech unicorn, Flutterwave, has said reports suggesting that hackers stole astir $6.3 cardinal from lawsuit accounts are not true. In a statement issued connected March 5, the fintech insisted that nary idiosyncratic mislaid immoderate funds and that corrective enactment taken had successful information enabled it to “address the contented earlier immoderate harm could beryllium done to our users.”

Flutterwave’s connection denying the hacking claims followed a Techpoint report which suggested that arsenic overmuch arsenic $6.3 cardinal (2.9 cardinal naira) had been siphoned from users’ accounts. According to the report, the hacking incidental is thought to person occurred successful aboriginal February and Flutterwave is believed to person reacted to this by filing a question to frost accounts successful arsenic galore arsenic 27 fiscal institutions.

While the connection suggested that Flutterwave is moving with “other fiscal institutions and instrumentality enforcement agencies to support our ecosystem harmless and secure,” the fintech steadfast nevertheless insisted it lone took enactment aft detecting anomalies connected immoderate users’ accounts.

“During a regular cheque of our transaction monitoring system, we identified an antithetic inclination of transactions connected immoderate users’ profiles. Our squad instantly launched a reappraisal (in enactment with our modular operating procedure), which revealed that immoderate users who had not activated immoderate of our recommended information settings mightiness person been susceptible,” the fintech steadfast explained.

Flutterwave added that the preemptive steps it took helped it to code the contented earlier “any harm could beryllium done to our users.”

You are fashionable I volition station grounds here, A hack confirmed by a flutterwave staff, my slope confirming flutterwave contacted them, flutterwave submitting a petition with a lawyer whose seal has expired since 2017. Their connection and Affidavit swearing this true, arsenic oath. pic.twitter.com/zEHVMCgQOn

— Ufedo (@UfedoDavid) March 5, 2023

Meanwhile, connected Twitter, immoderate users rejected Flutterwave’s mentation of what transpired and person insisted that the hacking incidental is true. One user, known arsenic Alex Onyia, tweeted that Flutterwave had been hacked by Omar Edewor Trades and that millions of naira had been stolen from lawsuit accounts. Another user, Ufedo, shared “evidence” which proved that the hacking incidental did occur.

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