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By Chinenye Anuforo
Leading Nigerian payment company Flutterwave successfully thwarted a network intrusion attempt in April and reported the perpetrators to law enforcement agencies.
Sources familiar with the incident revealed that unusual activity was detected on one of the company’s platforms used by a limited number of customers for specific business transactions. Flutterwave’s security protocols effectively prevented the breach before any customer funds were compromised.
Following the detection, Flutterwave promptly alerted law enforcement and provided them with the IP addresses and details of the individuals involved. The company also informed regulators and assured its customers and stakeholders that their funds remain safe.
“As an industry leader, we continuously invest heavily in our security infrastructure to safeguard our customers during transactions on Flutterwave,” declared Flutterwave’s Head of Information and Security. “We are proactively enhancing security features on the affected platform and migrating some users to a more secure platform to ensure they benefit from these improvements. We advocate for collaborative efforts within the digital ecosystem to combat cyber threats across Africa.”
This incident highlights the growing prevalence of cybercrime in Nigeria, which has unfortunately eroded trust between companies and their customers. Recent examples include MTN, Africa’s largest mobile network operator, incurring losses of N10.5 billion to cybercriminals in 2022, and Patricia Technologies Limited, a popular crypto platform, experiencing a $2 million loss of depositors’ funds in January 2022, leading to the platform’s suspension. Commercial banks have not been spared either, with Access Bank, one of Nigeria’s largest, filing lawsuits in June and July of 2023 to recover a combined N35 billion lost to hacking activities.
In March 2023, Flutterwave denied claims of a N2.9 billion account hack and illegal transfers. However, court documents revealed that the company did seek police assistance to recover stolen funds, suggesting a potential security breach.
