Flutterwave, a prominent Nigerian payment company, recently thwarted an attempted network intrusion and promptly reported the culprits to security agencies.
In April, the company detected unusual activities on one of its platforms used by a limited number of customers for specific business transactions. Upon identifying the unauthorised activities, Flutterwave swiftly safeguarded its customers.
They immediately informed law enforcement agencies and provided the IP address and details of the offenders. According to a company statement, Flutterwave has assured its customers and stakeholders that their funds remain secure and unaffected.
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Proactive Security Measures and Customer Assurance
The platform’s security mechanisms successfully halted the breach before customer funds were impacted. Following this incident, Flutterwave notified the relevant regulator and law enforcement agencies. According to internal sources, Flutterwave plans to enhance the security of the affected platform and migrate users to another platform to ensure seamless business continuity for their customers. In a statement, Flutterwave also urged its customers to adopt the available security measures while using their services, emphasising the importance of personal security practices.
Flutterwave’s Head of Information and Security stated, “As leaders, we continue to invest heavily in our security infrastructure to ensure customers remain safe as they transact using Flutterwave. As a proactive step, we are enhancing safety features on the affected platform and will migrate some of our customers to another platform to benefit from these security enhancements. We will continue advocating for ecosystem-led initiatives to combat security threats across Africa’s digital ecosystem.”
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Rising Cybercrime and its Impact on Industries
Flutterwave is not alone in facing cyber threats. The rise in cybercrimes in Nigeria has led to significant trust issues between companies and their customers. For instance, MTN, Africa’s largest mobile network operator, reported a loss of N10.5 billion to cyber criminals 2022. Similarly, Patricia Technologies Limited, a well-known crypto platform, lost $2 million of its depositors’ funds in January 2022, resulting in its suspension. Commercial banks have also been targeted; Access Bank, one of Nigeria’s largest banks, filed lawsuits in June and July 2023 to recover N30 billion and N5 billion lost to hackers.
Meanwhile, Flutterwave faced its challenges. On March 5, 2023, the company denied claims that its account was hacked and that N2.9 billion was illegally transferred from its account to several other accounts. However, court documents later revealed that Flutterwave had sought police assistance to recover the stolen funds.
The increasing frequency of cyber attacks highlights the urgent need for enhanced security measures across industries. Companies must continuously upgrade their security infrastructure and collaborate with regulatory bodies and law enforcement to combat these threats effectively. Flutterwave’s swift response to the attempted intrusion and its ongoing efforts to improve security serve as a reminder of the importance of vigilance and proactive measures in protecting customers’ data and funds. As cyber threats evolve, so must the strategies and technologies employed to safeguard the digital financial ecosystem.