Flutterwave has dismissed reports that its systems were compromised by hackers leading to the loss of millions of customer funds.
In a statement, the Nigerian Fintech company stated categorically: “We want to reassure you that Flutterwave has 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 further stated.
It will be recalled that the company was recently in the news with the story that it 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.
While dismissing the hack story, Flutterwave however admitted that it recently identified an unusual trend of transactions on some user’s profiles. This, the company said was during a routine check of its transactions monitoring system (TMS).
“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.”
While assuring the pubic that even with the observation, non of their customers lost any fund, the company said: “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.”
Last year, a High Court in Kenya froze the company’s accounts for several months on suspicion of money laundering. The order was however lifted after the company was cleared of any wrongdoing by the country’s Assets Recovery Authority (ARA).
