On Monday 08th November 8, 2022, Chipper cash experienced an unexplained shutdown with users of the App unable to make transactions. The incident led to a mass panic among users of the fintech app popular for facilitating online payments within and internationally.
Speculation was ripe that the parent company was closing down as the incident showed similar patterns to what happened to the BLQ platform.
However, this was quickly dismissed by the Chipper cash app team on Twitter, which took time to quickly communicate to its customers that they were facing a system downtime.
The cause of the downtime remains undisclosed.
Its, however, commendable that the App was able to maintain constant communication and reassurance with its customers through this period, something that is important for confidence in the sector.
With many people picking up the use of virtual platforms to facilitate transactions, it will be more common for such incidents to occur.
Cyber-criminals are constantly targeting such platforms and the fact that many similar Apps are run by crooks means that the legitimate ones need to be one step ahead to maintain customer confidence.
We also hope that regulatory bodies make policy changes to make it compulsory for these companies to publish technical details of such incidents to help customers and researchers to have a better understanding of the operating environment to safe guard the community.
