Flutterwave, a Nigerian-based fintech, has addressed concerning reports surrounding an attempted breach that was detected last month. The Pan-African payment giant says it was able to block the attempted network intrusion and has since reported the perpetrators to relevant authorities.
The company detected unusual activities limited to one of their platform used by a small subset of their customers. The platform impacted is one of Flutterwave’s systems built for specific business cases. The fintech says it was able to take to necessary measures to stop the breach before it could result in funds getting stolen.
It has further come forward to refute claims that customer funds or data have been compromised in the attempted breach. “We can assure our customers, members of the public and our stakeholders that no customer funds were lost or compromised, and the confidentiality of our customers’ data remains intact,” Flutterwave shares in a blog released today.
Mitigation request emails will be sent to the small subset of customers affected with the company adding, “There’s a chance that an overwhelming majority of our customers will not receive this migration request.”
This attempt comes just after the fintech suffered a security breach resulting in $24 billion getting illegally transferred. Flutterwave explained that some POS merchants abused their access rights and illegally transferred funds to other accounts.
The company later got a court order to recover the $24 million (19 billion naira/Ksh2.6 billion as per latest exchanges) in unauthorized transactions. The company further insisted that no customer funds were lost in this incident and confirmed that they had temporarily suspended the accounts where the illegal funds were transferred.
