PiggyVest Platform Faces Cyber Security Breach

PiggyVest platform faces cyber security breach

Online savings and investment platform, PiggyVest formerly known as piggybank.ng is currently experiencing cyber security threats and breaches. A twitter thread from one of its alleged customers surfaced online, evoking suspicions in the minds of PiggyVest customers. This development is threatening one of the largest and most reliable fintech companies in Nigeria.

Emerging rumours has it that significant chunks of money was fraudulently taken out of various PiggyVest users’ accounts. This was after a now deleted thread made on September 22nd, 2022 by one of the platform’s users appeared on twitter.

PiggyVest Platform Faces Cyber Security Attack
Twitter thread of fraudulent activities on PiggyVest app. Source: Twitter

Following the above thread, several screenshot of similar fraudulent activities has as well emerged. Evidenced by receipts of transactions, this has ultimately put a question mark on the reliability of the platform. Most people have taken to social media platforms to vent. As well as to enquire if these recent deductions on the PiggyVest app poses a problem to the safety of their money.

The PiggyVest platform since its first appearance in 2016 and subsequent re-branding in 2019, became one of the safest investment platforms. From the time this issue came to light, there has been nothing but silence from the platform. Consequently, users are on tenterhooks, waiting for their fears to be assuaged.

Although there are several speculations regarding this situation, given the resounding hush from PiggyVest and increasing number of complaints. It’s unclear if the happenings are indeed malicious acts that seeks to damage the reputation of the fintech company. Or a fraudulent attempt to make away with its customers’ funds.

PiggyVest Platform Faces Cyber Security Attack
Shattered Pink Piggy Bank Credit: Dovis pexels.com

The Central Bank of Nigeria (CBN) gave PiggyVest platform approval in principle, AIP. To operate as a Mobile Money Operator in order to drive digital payments and inclusion for micro-entrepreneurs in Nigeria. This approval from CBN clearly makes the platform credible. One cannot help but wonder if PiggyVest platform is following in the footsteps of other far-fetched fintech companies.

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