Last month, Flutterwave, Africa’s largest private equity startup, was involved in a data breach that saw more than $2.9 billion ($4.2 million) disappear from its accounts, local technology publication TechPoint Africa reported.
According to documents seen by the publication and reviewed by TechCrush, unknown actors transferred the money in 28 accounts in 63 transactions at the beginning of February. A police investigation is ongoing as Flutterwave has filed a complaint through legal counsel and law enforcement and seeks a ban. Accounts TechPoint Africa reported on 27 financial institutions linked to the missing funds.
Several tweets regarding the alleged hack also went out over the weekend. some Information provided About hacking, while others filed a complaint About blocked accounts that may be related to hacking. According to a TechPoint Africa report, 107 accounts, including a fifth of these accounts, are set to be placed on Post-No-Debit (PND). This policy restricts bank customers from withdrawing money from their accounts.
The cause and method of the attack is still unknown. However, one of the posts Online comment The hack may have been through social engineering, meaning the merchants’ keys were compromised, allowing hackers to access the funds in their Flutterwave accounts.
Meanwhile, Flutterwave, through a statement on the matter, denied that it was hacked. S
At Flutterwave, we understand that our customers’ personal and financial information is extremely important. We take this responsibility seriously and understand that any security breach can cause stress and anxiety to our customers. We want to assure you that Flutterwave is not hacked. As a financial institution, we monitor transactions through our transaction tracking system and 24-hour fraud desk and review any suspicious activity. We cooperate with other financial institutions and law enforcement agencies to protect the safety and security of our ecosystem.
During a routine check of our transaction tracking system, we have identified an unusual trend of transactions on some users’ profiles. Our team has started an immediate review (related to our normal work process), which means that users who haven’t enabled some of our recommended security settings may be vulnerable.
We want to make sure that no user loses any money, and we pride ourselves on our security measures being able to resolve the issue before any harm is done to our users.
Our commitment to keeping our users’ financial information safe and secure is why we invest so much in things like periodic audits, certifications, and licenses like PCI-DSS and ISO 27001. Management.
We want you to continue to trust us and feel secure when using Flutterwave for your business needs. Our commitment is to enable the growth of your business by keeping your financial information safe and secure.
This is a developing story…