Exclusive: Flutterwave gets court order to recover $24 million lost to unauthorized POS transactions
- Flutterwave will contact over 6,000 account holders across 35 banks and financial institutions to recover ₦19 billion ($24 million) that was illegally transferred by POS merchants.
- The recovery is possible due to a High Court ruling on February 1, which granted Flutterwave a Mareva injunction to recover the funds and assets of the identified account holders.
- Flutterwave insists that no customer funds were lost in the incident.
The illegal transfer of ₦19 billion by POS merchants is a significant issue that Flutterwave is actively addressing. While the recovery efforts are commendable, the incident highlights the need for stronger KYC measures and accurate customer information within the financial industry. It is crucial for financial institutions to prioritize customer data security and fraud prevention to maintain trust and protect the interests of their customers.
