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Home Cybercrime

Law enforcement seeks arrest of 601 bank customers tied to N11bn Flutterwave breach

Modupeoluwa Olalere by Modupeoluwa Olalere
December 10, 2024
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Law enforcement seeks arrest of 601 bank customers tied to N11bn Flutterwave breach

Law enforcement seeks arrest of 601 bank customers tied to N11bn Flutterwave breach

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The Nigeria Police Force has announced plans to arrest 601 bank customers linked to a significant breach involving Flutterwave, a leading fintech company. 

This announcement was made yesterday following an investigation into a technical glitch that allowed unauthorised transactions totalling N21.2 billion ( $21.2 million) between October 12 and 13, 2023.

Read also: Kenya govt fines NCBA Bank for sending customer account statements to ex-wife

Overview of the Flutterwave breach

Flutterwave experienced a serious security issue that permitted point-of-sale (POS) merchants to conduct transactions exceeding their available balances. This incident resulted in over 9,600 unauthorised transactions.

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In response, Flutterwave temporarily suspended affected accounts and collaborated with various banks, including Wema Bank, to stop the processing of settlement accounts linked to fraudulent activities. These efforts helped the company recover N7.2 billion from the losses.

A Flutterwave spokesperson stated, “In 2023, we discovered that certain POS device merchants abused their access by conducting unauthorised transactions.”

Authorities said the point-of-sale merchants exploited the breach by sending huge sums of money to family, friends and relatives.

The company has taken proactive measures to resolve this breach and embarked on legal options to recover the lost funds.

Read also: Premier Bank, Mastercard introduce Shari’ah-compliant card system in Kenya

Involved banks and legal actions

The banks implicated in this scandal include Polaris Bank, Sparkle Microfinance Bank, Stanbic IBTC Holdings, Standard Chartered Bank, Union Bank, Unity Bank, and Wema Bank. 

The police have requested court orders to freeze accounts associated with the fraudulent activities, emphasising the need for accountability among all parties involved.

The police investigation has focused on the 814 POS merchants involved in the breach, leading to several arrests. Authorities are now extending their efforts to apprehend the 601 account holders suspected of receiving proceeds from these illegal transactions. 

A police spokesperson explained, “We have traced funds transferred during the glitch and are now targeting those who benefited from these illegal activities.”

As investigations continue, this incident raises concerns about security protocols within Nigeria’s fintech sector. Experts suggest this situation could be a wake-up call for other financial institutions to bolster their cybersecurity measures.

Tags: FlutterwaveFraudNigeria Police Force
Modupeoluwa Olalere

Modupeoluwa Olalere

Modupe is a tech content writer with 3+ years of experience turning complex ideas into clear, engaging stories. She covers innovation, digital trends, and emerging technologies. When she’s not writing, she’s exploring new tools or tracking trends shaping Africa’s tech ecosystem.

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