Flutterwave, Nigerian highly valued fintech company has denied the loss of N2.9 billion to hackers. The fintech unicorn made a rebuttal of the news that broke out on Sunday that hackers were successfully able to make away with N2.9 billion from the company’s network.
But in a reaction to the story, Flutterwave made clarification on the mater from it’s verified twitter handle, the company wrote, “You may have recently heard some claims on Flutterwave’s security. We want to assure you that Flutterwave has not been hacked, and no customer funds were lost”
It was reported on Sunday that hackers were able to successfully hack the company’s system and the sum of ₦2,949,557,867, was stolen from the accounts of over 300 customers. The report which the company denied in his publication title “Statement of Claim regarding Flutterwave Security”
Statement of claim regarding Flutterwave security.
“Flutterwave, we understand that our customers’ 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.
“We want to reassure you that Flutterwave has not been hacked. As a financial institution, we monitor transactions through our transaction monitoring systems and 24-hour fraud desk and review any suspicious activity. We collaborate with other financial institutions and law enforcement agencies to keep our ecosystem safe and secure.
“During a routine check of our transaction monitoring system, we identified an unusual trend of transactions on some users’ profiles. Our team immediately launched a review (inline with our standard operating procedure), which revealed that some users who had not activated some of our recommended security settings might have been susceptible.
“We want to confirm that no user lost any funds, and 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.
“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.
“We want you to continue to trust us and feel secure in using Flutterwave for your business needs. Our commitment is to enable your business growth while keeping your financial information safe and secure”
Reactions to Flutterwave claim
In reaction to the claim by Flutterwave that their system was not hacked, some Nigerians on twitter has come out to condemn the company for securing court order to freeze the accounts of bank customers who may not be connected to the fraud incident.
“In Nigeria it seems like we just make up the law as we go along. Because try getting an order to freeze a scammer’s account where your stolen money is directly traced to (1st beneficiary). But Flutterwave can get an order freezing accounts up to the (innocent) 5th beneficiary” @DavidHundeyin
“It’s the swiftness in which flutterwave got the court order. Because I remember a scammer hacked my account and it took like forever to get a court order. In fact, I almost discourage anyone who says his account was hacked and wants to get a court order” @Ikelmalkechukwu1
“…. I really understand them. They couldn’t get order on time to freeze the main culprit acct due to slow court process in Nigeria. They are Trying to follow the money.. Some developed countries still do this” @adewolewa
“My brother, I paid money into a scammer account, the receiving bank was contacted and the account was block, now for my bank to initiate the process for refund is what we’ve been on for the past 2 weeks, I don call tire, no head way, the thing tire me oooo” @gosikhena
“It’s that second part that’s our problem. A scammer’s account is a threat to the financial services sector – it can be a sign of money, laundering, terrorist, drug financing, so should be dealt with swiftly, without discrimination! @OtitoGloAdebo