Home Science Technology Flutterwave Thwarts Security Breach, Ensures Customer Funds Are Safe

Flutterwave Thwarts Security Breach, Ensures Customer Funds Are Safe

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Flutterwave
Flutterwave

Payment company Flutterwave has reassured its customers that their funds remain secure following concerns about a security breach on its platform.

In a statement sent to Nairametrics on Thursday, Flutterwave reported that it had successfully blocked an “attempted network intrusion” and had reported the offenders to security agencies.

Tech Cabal had earlier reported that Flutterwave allegedly lost $7.4 billion due to the breach, citing inside sources. However, Flutterwave clarified that the breach was unsuccessful and no customer funds were affected.

The company confirmed the incident occurred in April when it detected unusual activities on one of its platforms used by a small number of customers for specific transactions. Flutterwave said it immediately notified law enforcement agencies, provided details of the offenders, and informed its regulator, the Central Bank of Nigeria (CBN).

Flutterwave’s security measures prevented any impact on customer funds. The company announced plans to enhance security on the affected platform and migrate its users to another platform to ensure business continuity.

The company also advised customers to utilize available security measures and adopt best personal security practices.

Nujinim Egwegbete-Odukwu, Flutterwave’s Head of Information and Security, stated, “As leaders, we continue to invest heavily in our security infrastructure to ensure customers remain safe as they transact using Flutterwave. We are enhancing safety features on the affected platform and will be migrating some customers to another platform to benefit from the security enhancements.”

Flutterwave is not alone in facing such fraud incidents. Cybercrimes have been rising in Nigeria, affecting trust between companies and their customers. For instance, MTN lost $7 billion to cybercriminals in 2022, and Patricia Technologies Limited lost $2 million in January 2022.

Commercial banks have also been impacted. Access Bank, one of Nigeria’s largest banks, filed lawsuits in 2023 to recover billions lost to hackers. According to the Financial Institutions Training Centre (FITC), Nigerian banks lost $1.4 billion to fraud in Q4 2023, with mobile platforms being the top channel for losses.

On March 5, 2023, Flutterwave had also denied claims that its account was hacked, with $1.9 billion illegally transferred. However, court documents indicated that the company sought police assistance to recover the stolen funds.

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