* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Saturday, August 23, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    From polka to Poison, Corn Palace adjusts entertainment offerings with the times – Mitchell Republic

    From polka to Poison, Corn Palace adjusts entertainment offerings with the times – Mitchell Republic

    How to watch ‘F1: The Movie’ on Prime Video – About Amazon

    Experience the Thrill: How to Stream ‘F1: The Movie’ on Prime Video

    FOX One is now available on Prime Video: Here’s everything to know – About Amazon

    FOX One is now available on Prime Video: Here’s everything to know – About Amazon

    What Are Our Predictions for Taylor Swift’s ‘Life of a Showgirl’ Based on What She’s Told Us So Far? – yahoo.com

    Uncover the Hidden Surprises in Taylor Swift’s ‘Life of a Showgirl’ – Can You Decode Her Clues?

    Bama Dining Serving Up New Food, Entertainment – UA News Center

    Bama Dining Launches Thrilling New Food and Entertainment Experiences

    The latest on Williams-Brice Stadium renovations, entertainment district – On3

    Discover the Thrilling New Upgrades Coming to Williams-Brice Stadium and Its Vibrant Entertainment District!

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Alcorn State awarded grant to boost STEM with VR technology – WJTV

    Alcorn State Secures Grant to Transform STEM Education Through Cutting-Edge VR Technology

    Hyundai: The Only Way To Beat China Is To Embrace Technology – InsideEVs

    Hyundai’s Bold Strategy to Outpace China with Cutting-Edge Technology

    Teaching older adults how to use technology – WWNY

    Empowering Older Adults to Master Technology with Confidence

    Denver man receives pacemaker using new technology – CBS News

    Denver Man’s Life Transformed by Revolutionary Pacemaker Technology

    Morgan County Rescue Squad is using new technology to recover people missing in the water faster – WAFF

    Morgan County Rescue Squad is using new technology to recover people missing in the water faster – WAFF

    YSU to celebrate launch of new radiology technology program – WKBN.com

    YSU Launches Exciting New Radiology Technology Program Celebration

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    From polka to Poison, Corn Palace adjusts entertainment offerings with the times – Mitchell Republic

    From polka to Poison, Corn Palace adjusts entertainment offerings with the times – Mitchell Republic

    How to watch ‘F1: The Movie’ on Prime Video – About Amazon

    Experience the Thrill: How to Stream ‘F1: The Movie’ on Prime Video

    FOX One is now available on Prime Video: Here’s everything to know – About Amazon

    FOX One is now available on Prime Video: Here’s everything to know – About Amazon

    What Are Our Predictions for Taylor Swift’s ‘Life of a Showgirl’ Based on What She’s Told Us So Far? – yahoo.com

    Uncover the Hidden Surprises in Taylor Swift’s ‘Life of a Showgirl’ – Can You Decode Her Clues?

    Bama Dining Serving Up New Food, Entertainment – UA News Center

    Bama Dining Launches Thrilling New Food and Entertainment Experiences

    The latest on Williams-Brice Stadium renovations, entertainment district – On3

    Discover the Thrilling New Upgrades Coming to Williams-Brice Stadium and Its Vibrant Entertainment District!

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Alcorn State awarded grant to boost STEM with VR technology – WJTV

    Alcorn State Secures Grant to Transform STEM Education Through Cutting-Edge VR Technology

    Hyundai: The Only Way To Beat China Is To Embrace Technology – InsideEVs

    Hyundai’s Bold Strategy to Outpace China with Cutting-Edge Technology

    Teaching older adults how to use technology – WWNY

    Empowering Older Adults to Master Technology with Confidence

    Denver man receives pacemaker using new technology – CBS News

    Denver Man’s Life Transformed by Revolutionary Pacemaker Technology

    Morgan County Rescue Squad is using new technology to recover people missing in the water faster – WAFF

    Morgan County Rescue Squad is using new technology to recover people missing in the water faster – WAFF

    YSU to celebrate launch of new radiology technology program – WKBN.com

    YSU Launches Exciting New Radiology Technology Program Celebration

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Technology

Exclusive: Flutterwave gets court order to recover $24 million lost to unauthorized POS transactions

February 9, 2024
in Technology
Exclusive: Flutterwave gets court order to recover $24 million lost to unauthorized POS transactions
Share on FacebookShare on Twitter

Flutterwave, Africa’s most valuable startup, will contact over 6,000 account holders across 35 banks and financial institutions to recover ₦19 billion (*$24 million) illegally transferred by POS merchants after a High Court ruling on February 1.   

“In 2023, we discovered that certain POS device merchants abused their access by conducting unauthorized transactions. In response to this, we temporarily suspended the accounts where funds were improperly transferred,” Flutterwave said in a statement to TechCabal. The company insists that no customer funds were lost.

The February order —a Mareva injunction— lets Flutterwave recover the funds and assets of the identified account holders, which is crucial because the account holders may have spent the funds received in October 2023.  

“We continue to actively engage with the relevant authorities to investigate and address the situation,” Flutterwave added.

An earlier court order placed debit restrictions on those accounts two months after the incident, court documents obtained by TechCabal show. 

Per the most recent order granted on February 1, 2024, 35 financial institutions, including Opay, Paga, Palmpay, Access Bank, VFD Bank, Zenith, Polaris and Providus Bank, must share the email addresses and telephone numbers of the account holders. 

Flutterwave will contact the over 6,000 account holders “through their respective email addresses and by SMS and Whatsapp messages to their respective telephone numbers,” per court documents seen by TechCabal. 

The fintech company may use a recovery agency for this, a lawyer familiar with similar processes told TechCabal. 

A timeline of the incident

“On 10th October 2023, there was a technical glitch in our client’s operating system, which resulted in funds being automatically transferred to the bank accounts of customers listed in Schedule A of this memorandum,” a letter from Flutterwave’s lawyers said. 

Immediately after the “technical glitch” was discovered, Flutterwave contacted the bank and fintechs, notifying them of the glitch and the resulting erroneous funds transfers. 

“The merchants listed did not provide any service to our client and were not entitled to funds that were erroneously transferred and have continued to keep said funds,” the letter from Flutterwave’s lawyers added.

Flutterwave also offered indemnity to the banks if they reversed the erroneous transfers. Typically, a reversal request would require the receiving bank to also go to court to seek further approval. 

Flutterwave incident highlights the importance of KYC 

The success of Flutterwave’s recovery efforts will depend on financial institutions like Opay, Palmpay and Moniepoint having accurate customer information. It also relies on banks having up-to-date information on their customers. 

However, recent fraud incidents show this may not always be true. Neobanks, in a drive to boost financial inclusion, have popularised easy-to-open accounts with lax KYC requirements, and traditional banks do not necessarily have accurate information either. For instance, customers are not mandated to tell their banks when they change addresses, emails or phone numbers. 

These KYC troubles are happening while there’s also a significant rise in fraud attempts in Nigeria’s financial services industry, and traditional banks have placed the blame on the neobanks. 

Fidelity Bank, a commercial bank that holds ₦3.1 trillion ($2.1 billion) in customer deposits, blocked transfers to several neobanks over concerns that neobank wallets and accounts were an easy way to move monies that had been fraudulently obtained, TechCabal reported in October.

In December, the Central Bank of Nigeria mandated all financial institutions to implement stricter Know Your Customer (KYC) measures, requiring all customers to provide their bank verification number (BVN) or a national identification number (NIN) for account or wallet opening by March 2024. 

*Additional reporting by Ngozi Chukwu

* The exchange rate in October 2023 was $1=₦789 

Get the best African tech newsletters in your inbox

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : TechCabal – https://techcabal.com/2024/02/08/flutterwave-to-recover-missing-24million/

Tags: ExclusiveFlutterwavetechnology
Previous Post

Airtel Africa pushes infrastructure expansion with investments in 2Africa cable and IHS

Next Post

Breaking: NCC withdraws disconnection notice on Glo after N2bn interest payment to MTN

Putin wants to attend 2026 FIFA World Cup in the U.S. “very badly,” Trump says – Axios

Putin Eager to Attend 2026 FIFA World Cup in the U.S., Says Trump

August 23, 2025
How the semiconductor boom and ASU are transforming Arizona’s economy – ASU News

How the semiconductor boom and ASU are transforming Arizona’s economy – ASU News

August 23, 2025
From polka to Poison, Corn Palace adjusts entertainment offerings with the times – Mitchell Republic

From polka to Poison, Corn Palace adjusts entertainment offerings with the times – Mitchell Republic

August 23, 2025
Luther College to host discussion exploring links between soil and food health – Luther College

Luther College to host discussion exploring links between soil and food health – Luther College

August 23, 2025
OPINION | WOODY BASSETT: Can the nation do better in its politics? Can the Democrats? – Northwest Arkansas Democrat-Gazette

OPINION | WOODY BASSETT: Can the nation do better in its politics? Can the Democrats? – Northwest Arkansas Democrat-Gazette

August 23, 2025
Crossings: How Road Ecology is Shaping the Future of Our Planet – Living on Earth

Crossings: How Road Ecology is Shaping the Future of Our Planet

August 23, 2025
Toyota Friday Night Rivals kicks off season with Elizabethton at Science Hill – WCYB

Toyota Friday Night Rivals Ignite the Season with Elizabethton vs. Science Hill Showdown

August 23, 2025
Star Trek as Refuge for the Science-Minded – The Provincetown Independent

How Star Trek Ignites Passion and Empowers the Science-Minded

August 23, 2025
Refresh your wardrobe at these 11 QTS award-winning fashion and lifestyle stores – Time Out Worldwide

Transform Your Look with These 11 Must-Visit Fashion and Lifestyle Stores

August 23, 2025
Alcorn State awarded grant to boost STEM with VR technology – WJTV

Alcorn State Secures Grant to Transform STEM Education Through Cutting-Edge VR Technology

August 23, 2025

Categories

Archives

August 2025
MTWTFSS
 123
45678910
11121314151617
18192021222324
25262728293031
« Jul    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (785)
  • Economy (806)
  • Entertainment (21,685)
  • General (16,624)
  • Health (9,846)
  • Lifestyle (818)
  • News (22,149)
  • People (807)
  • Politics (815)
  • Science (16,018)
  • Sports (21,304)
  • Technology (15,786)
  • World (787)

Recent News

Putin wants to attend 2026 FIFA World Cup in the U.S. “very badly,” Trump says – Axios

Putin Eager to Attend 2026 FIFA World Cup in the U.S., Says Trump

August 23, 2025
How the semiconductor boom and ASU are transforming Arizona’s economy – ASU News

How the semiconductor boom and ASU are transforming Arizona’s economy – ASU News

August 23, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version