Flutterwave Hit by Another Security Breach, ₦11 Billion Transferred to Unauthorised Accounts

Flutterwave, Africa’s renowned fintech unicorn, has confirmed a security breach that resulted in the unauthorised transfer of ₦11 billion ($7 million) to several accounts in April 2024. However, the company vehemently asserts that no customer funds or data were compromised during the incident.

The breach, the fourth reported in the past fourteen months, occurred despite Flutterwave’s efforts to strengthen its security systems after previous incidents. The company disclosed that the perpetrators transferred the funds to multiple accounts across five financial institutions, employing tactics to avoid triggering fraud checks.

While Flutterwave has not officially confirmed the exact amount lost, sources indicate that the figure could be as high as ₦20 billion ($13.5 million). The incident is under investigation by law enforcement agencies, with the fintech giant actively cooperating to track down the perpetrators.

In a statement, Flutterwave assured customers that the confidentiality of their data remains intact and reiterated its commitment to maintaining robust security measures to protect their funds. The company also emphasised that it is working closely with financial institutions to identify and restrict the accounts involved in the unauthorised transfers.

This latest breach raises concerns about the security of fintech platforms in Nigeria and underscores the need for continuous vigilance in protecting sensitive financial data. While Flutterwave has taken steps to address previous breaches, the recurring nature of these incidents highlights the ongoing challenges faced by the industry in safeguarding customer funds.

Flutterwave’s unwavering commitment to customer safety and its proactive response to this security breach are commendable. However, the incident serves as a stark reminder of the ever-present threat of cybercrime and the importance of continuously adapting security measures to stay ahead of sophisticated hackers.

As investigations continue, the industry will be closely watching Flutterwave’s response and the measures it implements to prevent future breaches. The fintech unicorn’s reputation and continued success in the competitive Nigerian market may hinge on its ability to restore customer confidence and demonstrate its commitment to robust security protocols.

In the meantime, Flutterwave’s customers can take solace in the company’s assurances that their funds remain secure and that investigations are underway to bring the perpetrators to justice.