Flutterwave, an unstoppable force in African fintech, has denied losing $2,949,557,867 to hackers.
According to a report making wave on Sunday, hackers stole the sum of 2,040,557,867 from the company’s account, thereby affecting almost 300 customers.
The company, however, revealed that nothing of the sort occurred on Sunday.
According to the company’s spokesperson, “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.”
Speaking further, “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 (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.”
“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. We want to reassure you that Flutterwave has not been hacked.”
Other disclosures included the fact that neither the firm account nor any of its clients’ money was lost. But it was claimed that Albert Onimole, the tech giant’s attorney, had alerted the State Criminal Intelligence Department’s Panti, Yaba Deputy Commissioner of Police to the situation.
In Onimole’s letter, it is said that the hack on Flutterwave’s accounts took place a few weeks ago and that it revealed the said amount was initially transferred to 28 accounts in 63 transactions.
The receiving accounts were listed, but the police have not yet frozen them to stop the money from being moved, despite the fact that they were listed.
Certain commercial banks allegedly permitted the transfer of funds to additional accounts, lengthening the money trail, according to Flutterwave.
