fintech firm had discovered an unusual trend of transactions on some users’ profiles during a routine check of its transaction monitoring system.
The report had also claimed that Flutterwave had frozen the accounts of affected users and was working with law enforcement agencies to investigate the matter.
However, Flutterwave has now clarified that while it did detect some suspicious activity on a few user accounts, no funds were actually stolen. The fintech firm said it had taken immediate action to freeze the affected accounts and investigate the matter.
“We can confirm that no user lost any funds as a result of this incident. Our systems detected an unusual trend of transactions on some users’ profiles and we took immediate action to freeze those accounts and investigate the matter,” the statement read.
Flutterwave also said it had reported the incident to the relevant authorities and was working with them to ensure the safety and security of its users’ funds.
“We take the security of our users’ funds very seriously and we have taken all necessary steps to address this issue before any harm could be done to our users. We remain committed to providing a safe and secure platform for our users to transact on,” the statement added.
The incident highlights the growing threat of cybercrime in the fintech industry, which has seen a surge in activity in recent years. Fintech firms are increasingly being targeted by hackers who see them as a lucrative target due to the large amounts of money they handle.
However, Flutterwave’s swift action in detecting and addressing the issue shows that fintech firms are taking the threat seriously and are investing in robust security measures to protect their users’ funds.
