No Customer Funds Lost, Flutterwave Says

Flutterwave, a Nigerian fintech startup, has denied recent media reports claiming that it lost $4 million to hackers who breached the company’s systems in February 2023. According to the reports, the stolen money was allegedly disbursed to various accounts in Nigerian financial institutions.

In a statement, the company denied suffering any financial losses because of the supposed breach. The company maintains that its security systems remain robust and uncompromised.

“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. 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,” it said in a statement.

It added, “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,”

The company maintained that “no user lost any funds” and that it takes pride” that its security measures were able to address the issue before “any harm could be done to its users”.