Thursday, November 30, 2023

In the wake of reports suggesting Nigerian fintech provider Flutterwave had been subject to a potential hack, with hackers stealing $400,000 from clients’ accounts, the company has issued an official response. In their statement, Flutterwave assured customers that their systems remain uncompromised and their security measures are in place to protect user accounts from malicious attacks. As Nigerian Fintech users become increasingly concerned with the safety of their accounts, the company seeks to reassure customers of the integrity of its security platform. Read on for a full analysis of the company’s response and additional measures taken to protect Nigerian Fintech users’ data and money.

Flutterwave Refutes Reports of Fraud and Uncompromised Security Systems

Nigerian fintech unicorn Flutterwave denied reports of a $40 million account freeze following allegations of fraud. The reports arose after an anonymous source alleged that certain client accounts had been hacked, leading to a suspension of activity by the Central Bank of Nigeria (CBN). However, Flutterwave quickly refuted these claims and issued a statement emphasizing that its user security systems remain secure and uncompromised despite the reports.

Flutterwave’s Chief Operating Officer, Olusola Ayeni, spoke on behalf of the company when he stated: “We want to reassure our customers that Flutterwave is secure and their money is safe. We have implemented strong security measures to protect our users’ accounts and we are confident that their accounts are secure.” He went on to explain that Flutterwave has been approved by the CBN as a trusted third-party payment service provider, which has enabled its users to safely conduct business transactions in compliance with all applicable laws regarding payment service providers in Nigeria.

The company also provided examples of its stringent security protocols, including firewalls, encryption protocols, and other technologies designed to protect customer data from malicious actors. It also noted that it has put in place processes for monitoring suspicious activities on its platform, such as sudden changes in user behavior or large monetary transfers, as well as procedures for promptly addressing any issues that arise.

Flutterwave also indicated that its financial infrastructure is compliant with industry standards and best practices for payment system security. This includes access controls and protections against potential attacks such as distributed denial-of-service (DDoS) attacks or man-in-the-middle (MITM) attacks, as well as transaction monitoring systems to detect fraud.

In light of these assurances, Flutterwave is confident that any reported incidents were isolated events and not indicative of systemic issues with its user security systems. In conclusion, they seek to remind Nigerian customers of their commitment to secure and reliable payment services across the country.

It is reassuring to note that Flutterwave, one of the leading fintech companies in Nigeria, has addressed the reports of fraud and compromised security systems in their user accounts. By assuring their users of uncompromised security, Flutterwave has emphasized that the safety of their customers and their data is of utmost importance to them. The fintech company’s swift response and commitment to safeguarding its user information demonstrates their focus on customer service and security, and reiterates the trust that Nigerians can put in Flutterwave for their financial needs.


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