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Nigerian Fintech Suffers Another Cyber Attack

One month after obtaining a court order to recover $24 million lost to unauthorised POS transactions, Flutterwave suffered another security breach that allowed unknown persons to divert billions of naira to several bank accounts. The perpetrators illegally transferred $7 million to several accounts in April 2024, one financial services insider with direct knowledge of the incident said. A second insider claimed the amount involved was at least $13.5 million. “As is common in the financial services industry, there will always be attempts by bad actors to compromise the security of systems set up to protect and monitor services,” Flutterwave said in a statement to TechCabal.