{"id":18382,"date":"2023-03-06T13:31:04","date_gmt":"2023-03-06T13:31:04","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/nigeria-fintech-flutterwave-denies-client-account-hacking-reports-fintech-bitcoin-news\/"},"modified":"2023-03-06T13:31:04","modified_gmt":"2023-03-06T13:31:04","slug":"nigeria-fintech-flutterwave-denies-client-account-hacking-reports-fintech-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/nigeria-fintech-flutterwave-denies-client-account-hacking-reports-fintech-bitcoin-news\/","title":{"rendered":"Nigeria Fintech Flutterwave Denies Client Account Hacking Reports \u2013 Fintech Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
\n<\/p>\n

\n
\n<\/header>\n
\n\n<\/div>\n

The Nigerian fintech Flutterwave has rejected reports suggesting that hackers have stolen as much as $6.3 million from user accounts. The fintech firm said a routine check of its transaction monitoring system helped to uncover \u201can unusual trend of transactions on some users\u2019 profiles.\u201d<\/strong><\/p>\n

Motion to Freeze<\/h2>\n

The Nigerian fintech unicorn, Flutterwave, has said reports suggesting that hackers stole approximately $6.3 million from client accounts are not true. In a statement<\/a> issued on March 5, the fintech insisted that no user lost any funds and that corrective action taken had in fact enabled it to \u201caddress the issue before any harm could be done to our users.\u201d<\/p>\n

Flutterwave\u2019s statement denying the hacking claims followed a Techpoint report<\/a> which suggested that as much as $6.3 million (2.9 billion naira) had been siphoned from users\u2019 accounts. According to the report, the hacking incident is thought to have occurred in early February and Flutterwave is believed to have reacted to this by filing a motion to freeze accounts in as many as 27 financial institutions.<\/p>\n

While the statement suggested that Flutterwave is working with \u201cother financial institutions and law enforcement agencies to keep our ecosystem safe and secure,\u201d the fintech firm however insisted it only took action after detecting anomalies on some users\u2019 accounts.<\/p>\n

\u201cDuring a routine check of our transaction monitoring system, we identified an unusual trend of transactions on some users\u2019 profiles. Our team immediately launched a review (in line with our standard operating procedure), which revealed that some users who had not activated some of our recommended security settings might have been susceptible,\u201d the fintech firm explained.<\/p>\n

Flutterwave added that the preemptive steps it took helped it to address the issue before \u201cany harm could be done to our users.\u201d<\/p>\n

\n

You are popular I will post evidence here, A hack confirmed by a flutterwave staff, my bank confirming flutterwave contacted them, flutterwave submitting a petition with a lawyer whose seal has expired since 2017. Their statement and Affidavit swearing this true, as oath. pic.twitter.com\/zEHVMCgQOn<\/a><\/p>\n

\u2014 Ufedo (@UfedoDavid) March 5, 2023<\/a><\/p>\n<\/blockquote>\n

Meanwhile, on Twitter, some users rejected Flutterwave\u2019s version of what transpired and have insisted that the hacking incident is true. One user, known as Alex Onyia, tweeted<\/a> that Flutterwave had been hacked by Omar Edewor Trades and that millions of naira had been stolen from customer accounts. Another user, Ufedo, shared \u201cevidence\u201d which proved that the hacking incident did occur.<\/p>\n

Register your email here to get a weekly update on African news sent to your inbox:<\/em><\/p>\n

What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n

\n
\n\n<\/div>\n
\n
\nTerence Zimwara <\/h6>\n

\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

\n
\n
\n<\/a>
\n<\/span>
\n
\n
\n
\n<\/a>
\n<\/span>
\n
\n
\n
\n<\/a>
\n<\/span>\n<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

\n

Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

\n