Flutterwave Loses ₦11 Billion In Security Breach - 9jaflaver





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Flutterwave Loses ₦11 Billion In Security Breach




Flutterwave Loses ₦11 Billion In Security Breach

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 ₦11 billion ($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
₦20 billion ($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.
“In
April, we detected unauthorized activities inconsistent with usual
customer behavior on one of our platforms used by a small subset of our
customer base.”Flutterwave did not specify the amount involved
but insisted that “no customer funds were lost or compromised, and the
confidentiality of our customers’ data remains intact.”However,
one highly-placed person with knowledge of the incident said that the
stolen funds were moved to several accounts in five financial
institutions over four days. The incident likely went undetected because
the perpetrators ensured the deposits remained below limits that would
trigger fraud checks.
The matter has been reported to law enforcement and investigations have begun, said the same person who asked not to be named. Two
executives in the financial services industry confirmed the incident
and said Flutterwave reached out to request KYC details of the accounts
involved. They also claimed that the accounts related to the incident
have been temporarily restricted.In similar system
breaches, perpetrators conceal the movement of funds by sending money to
the bank accounts of several hundred unsuspecting users. The details of
those users are typically obtained online or using social engineering
and fed into programs that automate bulk transfers.
However, April’s
breach appears distinct. An organised network may have been involved in
the distribution, said a highly placed staff at a financial
institution.
“The perpetrators appeared to transfer the
money to random accounts but these same accounts would also transfer
money to other accounts who then sent it back to the first beneficiary
account, [in a sort of round trip].” This closed-loop approach differs from past attempts to hide the trail using unconnected outsider accounts.This is the fourth incident of unauthorised transfers at Flutterwave reported in the last fourteen months. In October 2023,
about 6,000 account holders across 35 banks and financial institutions
received ₦19 billion (*$24 million) illegally transferred through
unauthorised transactions by POS merchants.In March 2023, about 107 bank accounts in 27 banks received ₦550 million. In a February 2023 breach, ₦2.9 billion was diverted to 107 bank accounts in 27 banks, according to court documents seen by TechCabal.Identifying
the account owners involved in the latest incident may be easier than
before since the Central Bank mandated all financial institutions to
require all customers to provide their bank verification number (BVN) or
a national identification number (NIN) for account or wallet opening by
March 2024. In February, Flutterwave received a court order—a Mareva
injunction— that lets it recover the funds and assets of the identified
account holders, even though they have spent the funds, with the KYC
details provided by these financial institutions.








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