Flutterwave has recently come under scrutiny following claims of a security breach. However, the company has denied these allegations and continues to assure its customers of its firm security protocols.
Reports stated that the prominent fintech platform was hacked, losing over ₦2.9 billion (~$4.2 million). Funds were transferred across 28 accounts in 63 transactions in early February.
With its commitment to providing the most reliable and secure online payment solutions, Flutterwave released an official statement following the allegations, reiterating its continuous prioritization of customers’ data safety:
“At Flutterwave, we understand that our customers’ 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.
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 (inline 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.
Our commitment to keeping our users’ financial information safe and secure is why we invest heavily in security initiatives such as periodic audits, certifications, and licenses such as the PCI-DSS & ISO 27001. These are in line with global best practices in information security management.
We want you to continue to trust us and feel secure in using Flutterwave for your business needs. Our commitment is to enable your business growth while keeping your financial information safe and secure.”
