Flutterwave, a Fintech company providing payment services for merchants and service operators in Nigeria, has denied claims of hacker exploit that drained $6.3 million from user accounts. Per the March 5 blog post, the company argued that its technical team had adopted a real-time system assessment to monitor all transactions completed on the payment platform.
The detailed post disclosed that the company has invested in deploying security tools on the system to identify suspicious transactions on the user interface.
Impact of Hacking Activity
The March 5 announcement conveyed by Flutterwave argued that the ongoing speculation on the $6.3 million hack scandal was false. The company argued that the attempted exploit failed, and the customer’s funds remain intact.
The report revealed that the company had invested heavily in enhancing system security, and any suspicious activity was addressed immediately. Techpoint Africa issued a report dated March 5 claiming that hackers launched a malicious attack on Flutterwave systems, draining $6.3 million from the user accounts.
The Techpoint team argued that the hacking activity was conducted last month, necessitating the Flutterwave team to make significant corrective action. Later the Fintech company froze user accounts in its 27 regional offices in Nigeria to address the security concern.
Based on the Techpoint analysis, the need to secure the Flutterwave system prompted the firm to liaise with other financial providers and government watchdogs to develop strategies to combat hacking.
Steps to Address Cyber Crimes
On the contrary, Flutterwave’s March 5 report argued that the firm technical unit responded to the security breach immediately after the system detected unusual transaction trends on the user account. The team also argued that the department responsible for monitoring the system launched multiple IT system assessments to bridge the security gaps.
After the assessment, the technical team remarked that some users neglected to follow the company privacy measures, such as updating the user account security settings. The Fintech company reiterated that the completed IT assessments utilized diverse security protocols and control measures to identify and fix any system or network-based vulnerability.
In support of the IT team’s findings, a statement from Flutterwave revealed that the firm addressed the security concern before the hackers made their move. Nonetheless, revolving around the official company announcement, some Twitter skeptics lamented losing all their assets on the Flutterwave user account.
A tweet from Alex Onyia revealed that his account was compromised by Omar Edewor Trades, heisting hundred of millions of naira. A similar case was reported by another user Ufedo who shared supporting documents to demonstrate that the Flutterwave accounts were compromised.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
