Sunday , 23 June 2024
Home Fintech African fintech giant Flutterwave denies losing ₦2.9bn to hackers

African fintech giant Flutterwave denies losing ₦2.9bn to hackers

Flutterwave’s denial of being hacked comes after reports surfaced on Sunday that hackers had stolen over ₦2.9 billion from the fintech company and over 300 customers were affected by the fraudulent act.

The company’s swift response and thorough investigation are indicative of its commitment to ensuring the safety and security of its customers’ funds. Flutterwave’s standard operating procedure includes reviewing any suspicious activity identified through its transaction monitoring system, collaborating with other financial institutions and law enforcement agencies, and ensuring that all recommended security settings are activated by its users.

It is worth noting that while no customer funds were lost in this incident, it serves as a reminder of the importance of taking cybersecurity seriously. Fintech companies must continually assess and improve their security measures to prevent such incidents from happening.

Flutterwave has become one of Africa’s most successful fintech unicorns, offering a range of payment and financial services to individuals and businesses across the continent. The company has received significant investments from global investors, including Mastercard, Visa, and Stripe, and has partnered with major banks and financial institutions to expand its services.

As the fintech industry continues to grow in Africa and around the world, companies must remain vigilant and prioritize security to maintain the trust of their customers and investors.

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