Flutterwave Debunks Reports of N2.9 Billion Account Hack

Fintech company Flutterwave has debunked recent reports of a N2.9 billion ($63 million) account hack.

The company, which provides payment solutions for businesses and individuals, was reported to have lost the sum of N2,949,557,867 to hackers who allegedly transferred the money to 28 accounts in 63 transactions.

However, Flutterwave’s Co-founder and CEO Olugbenga Agboola has denied the claims, stating that there was no breach activity. He explained that the incident was a “typical user profile compromise by a user who did not activate the relevant security on their profile”. Flutterwave’s transaction monitoring system detected the unusual activity and notified the user.

Flutterwave’s Head of Branding and Storytelling Yewande Akomolafe-Kalu also confirmed that the company’s security measures were able to address the issue before any harm could be done to users. She emphasized that no user lost funds and that there was no cause for alarm.

As a financial institution, Flutterwave takes the security of its users’ financial information seriously. The company invests heavily in security initiatives such as periodic audits, certifications, and licenses, including the PCI-DSS & ISO 27001. These measures are in line with global best practices in information security management.

To further enhance its security, Flutterwave makes use of 3D Secure 2 (3DS2), an industry authentication standard that provides a new and improved approach to authenticating online card payments.

This mechanism enables businesses to ensure a number of transaction attributes that the issuer can use to authenticate customers more accurately without compromising on their convenience.

Flutterwave also collaborates with other financial institutions and law enforcement agencies to keep its ecosystem safe and secure.

The company’s transaction monitoring systems and 24-hour fraud desk review any suspicious activity, ensuring that its users’ funds are always protected.