There had been reporting, on Sunday, about an internet robbery on Flutterwave of over ₦2.9 billion ($6.3 million). Flutterwave is a payment processing company that provides payment solutions for businesses in Africa. The hackers reportedly exploited a vulnerability in the company’s systems that allowed them to access sensitive customer data and steal funds.
According to Techpoint Africa, who first reported the incidence, ₦2,949,557,867 was illegally transferred from the account of the Nigerian fintech company.
Amidst these claims, Flutterwave’s co-founder and CEO, Olugbenga Agboola says “Flutterwave has not been hacked”. According to him, “this is a typical user profile compromise by a user who did not activate the relevant security on their profile. Our transaction monitoring system detected it as it should and notified the user.”

This implies that Flutterwave’s merchant account was hacked not the company’s.

“During a routine check of our transaction monitoring system, we identified an unusual trend of transactions on some users’ 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,” Yewande Akomolafe-Kalu, Head of Branding and Storytelling at Flutterwave, said in a statement.

According to media reports, Flutterwave is seeking to freeze accounts where some of the money was transferred, and a motion to freeze accounts in 27 financial institutions in Nigeria, including Access Bank, Kuda, Zenith Bank, and OPay, has been filed, per Techpoint Africa.


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https://applesbite.com/flutterwave-platform-was-not-hacked-and-no-user-funds-were-lost-says-ceo-olugbenga-agboola/

Dey play

bestofnollywood:

Yewande Akomolafe-Kalu, Head of Branding and Storytelling at Flutterwave, said in a statement.

Yewande don brand story tell us

bestofnollywood:
There had been reporting, on Sunday, about an internet robbery on Flutterwave of over ₦2.9 billion ($6.3 million). Flutterwave is a payment processing company that provides payment solutions for businesses in Africa. The hackers reportedly exploited a vulnerability in the company’s systems that allowed them to access sensitive customer data and steal funds.
According to Techpoint Africa, who first reported the incidence, ₦2,949,557,867 was illegally transferred from the account of the Nigerian fintech company.
Amidst these claims, Flutterwave’s co-founder and CEO, Olugbenga Agboola says “Flutterwave has not been hacked”. According to him, “this is a typical user profile compromise by a user who did not activate the relevant security on their profile. Our transaction monitoring system detected it as it should and notified the user.”

This implies that Flutterwave’s merchant account was hacked not the company’s.

“During a routine check of our transaction monitoring system, we identified an unusual trend of transactions on some users’ 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,” Yewande Akomolafe-Kalu, Head of Branding and Storytelling at Flutterwave, said in a statement.

According to media reports, Flutterwave is seeking to freeze accounts where some of the money was transferred, and a motion to freeze accounts in 27 financial institutions in Nigeria, including Access Bank, Kuda, Zenith Bank, and OPay, has been filed, per Techpoint Africa.


Keep Reading...


https://applesbite.com/flutterwave-platform-was-not-hacked-and-no-user-funds-were-lost-says-ceo-olugbenga-agboola/

Hacking a merchant's account is different from hacking Flutterwave's, the public should not be misinformed in order to avoid panic.

Tech coys usually have fraud monitoring systems in place. No cause for alarm.

DMCA:


Yewande don brand story tell us

Dem steal money but dem no hack

https://techpoint.africa/2023/03/05/hackers-have-stolen-2-9-billion-from-flutterwave/