In recent reports, Flutterwave has been allegedly hit by a security breach, resulting in a reported loss of ₦11 billion. However, the company has moved swiftly to reassure its customers that their funds remain unaffected by the incident. Flutterwave has experienced its fourth breach, following the first reported incident in March 2023.
The report suggests that the perpetrators of the breach allegedly moved the funds in small sums to avoid detection by fraud checks. Nonetheless, the exact stolen amount remains unknown.
In March 2023, the company purportedly incurred losses exceeding ₦2.9 billion in an unauthorized transfer occurrence. Legal records disclosed that the funds were dispersed to more than 100 accounts spanning various banks. Although Flutterwave initially secured a court injunction to halt the accounts, it was subsequently revoked in February 2024. Despite these recurrent occurrences, Flutterwave affirms the security of its customers’ funds and data. The implications of this breach on Flutterwave’s standing await evaluation.
The reported security breach, while concerning, has not compromised the integrity of customer accounts or their funds. According to Flutterwave, thorough investigations into the alleged breach have been conducted, and no evidence has been found to suggest any unauthorized access to customer funds. The company emphasizes its commitment to maintaining the highest standards of security and transparency to safeguard customer assets.
As the fintech industry continues to evolve, incidents like these serve as reminders of the importance of robust cybersecurity measures and continuous vigilance in safeguarding sensitive financial information.
