Famous African Fintech company Flutterwave has been hit with another security breach, which has defrauded them of N11 billion($7 million).
Recall that Flutterwave recently suffered a loss of $24 million due to POS transactions without prior notice. This time, the Fintech company was hit with a security breach, as an unidentified person moved a considerable amount of money, ranging from billions to different accounts.
According to reports from those who know, N11 billion was diverted to different accounts last month, while another revealed that the money diverted was up to N20 billion.
Flutterwave has come out to clarify the issue of the security breach. Their statement reads thus;
“As is common in the financial services industry, there will always be attempts by bad actors to
compromise the security of systems set up to protect and monitor services
“In April, we detected unauthorized activities inconsistent with usual customer behavior on one of our platforms used by a small subset of our customer base.”
Furthermore, the Fintech company, in clarifying the recent security breach, did not disclose the exact amount that was diverted. However, they reiterated that their customers’ money was intact and that the security breach did not have access to customers’ information.
“No customer funds were lost or compromised, and the confidentiality of our customers’ data remains intact.”
One top individual clarified the security breach and disclosed how the money was diverted. The person stated that the money was diverted to different accounts in about five financial institutions in four days. According to the top-placed individual, the diversion of funds could not be noticed on time because those responsible for it made sure not to divert large amounts of money at a time, as they made sure to reduce the amount to a minimum amount in order not to arouse suspicion.
The Fintech company Flutterwave has called the attention of law enforcement officials to the recent security breach so that a proper investigation can be carried out. A report has it that some accounts linked to the security breach have been blocked from performing any transactions pending a full investigation to find out everything involved in the fraud.
