21 May Flutterwave hit by security breach losing millions

Flutterwave has suffered a significant security breach, resulting in billions of naira being illicitly transferred to various bank accounts.

This breach comes just one month after the company secured a court order to recover USD$24 million lost due to unauthorised POS transactions.

According to insiders, the perpetrators managed to illegally transfer between ₦11 billion (USD$7 million) and ₦20 billion (USD$13.5 million) to multiple accounts in April 2024.

This discrepancy in figures highlights the uncertainty surrounding the full extent of the breach. The unauthorised transfers occurred over four days, with funds deposited into various accounts across five different financial institutions.

In a statement to TechCabal, Flutterwave acknowledged the breach, describing it as part of the ongoing challenges faced by the financial services industry.

“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,” Flutterwave stated.

The company assured that no customer funds were lost or compromised, and the confidentiality of customer data remains secure.