Is Airwallex safe?

Yes! At Airwallex, we take security seriously and have implemented a number of measures to ensure that our users and their money are protected. 

As more businesses turn to modern digital platforms for their financial needs, it’s essential to choose a partner that prioritises security and compliance. Airwallex is licensed and regulated by financial authorities around the world, and in addition to complying with industry standards and regulations, we’ve also implemented our own internal security protocols. 

In this article, we’ll take a closer look at how we keep your data and accounts safe, including our approach to encryption, compliance, licensing, and fraud protection. By understanding the comprehensive set of security measures that we use, you can feel confident in your decision to trust us with your financial operations.

An overview of Airwallex's commitment to security and how we keep your business secure

Airwallex takes a multi-layered approach to security, from advanced fraud detection systems to exceeding regulatory compliance requirements. We’ve received multiple certifications and implemented a fully fledged security system to protect your data and transactions. 

Our security measures start when you log in to your Airwallex account. We require 2FA for every account at Airwallex to stop attackers early in the process. 

Every interaction you have with your Airwallex account is monitored and analysed for suspicious activity, leveraging usage patterns for 100,000's of users to find bad actors. This information is fed into a range of AI models and human review to keep your account safe.

When you make a payment – whether online or using a card – it’s fed into our machine learning models capable of detecting fraud at an industry-leading rate. All of this analysis occurs at the moment you tap your Airwallex card on a terminal or make an online payment, stopping fraudsters in under half a second.

Behind the scenes, Airwallex has global fraud and security teams working 24 hours a day, 365 days a year to keep your account safe, no matter where you are in the world. Each day our teams analyse thousands of alerts to make sure our products are as safe as they can be.

Security is embedded across everything we do at Airwallex. Every product, feature, and change is reviewed by a range of security tests and reviews before a customer ever interacts with it. All of our underlying servers and infrastructure use industry-leading data encryption and access controls to keep your data, transactions, and accounts secure.

And to make sure all of these security measures are effective, we are constantly using third parties to run realistic simulations of security attacks against Airwallex, giving us crucial assurance that everything is working as expected.

When you use Airwallex, you can trust that we've gone above and beyond in keeping your account safe. Below, we have listed some of the major certifications and security measures we've implemented in more detail.

Security monitoring:

Before you’ve even interacted with Airwallex, we are working 24 hours a day, 365 days a year to proactively block attackers and their infrastructure. We constantly scan the internet, looking for potentially unwanted websites that could be targeting our customers, and work with large web hosting companies like Google Cloud Platform and Cloudflare to have these removed.

PCI DSS:

Airwallex is PCI-DSS certified Level 1. The Payment Card Industry Data Security Standard (PCI DSS) certification is important for any organisation that handles credit card payments, as it sets the standard for the way cardholder data is protected. By following PCI DSS, we’re committed to maintaining the highest standards of data security, including secure network architecture, strong access control, and regular security testing.

Data encryption:

All of Airwallex's customer data is encrypted everywhere it is sent and stored. We use industry leading encryption technologies, like TLS v1.2 and AES256, to protect sensitive information, such as personal and financial data, as it is transmitted from your device and stored on our servers. By encrypting the data as it moves and when it is stored, we can ensure that the data is unreadable by anyone who is not authorised to see it.

SOC2 Type II:

Airwallex has been SOC2 Type II certified since 2021. Our reports are openly available to customers on our security portal (https://security.airwallex.com), and outline the security measures we have implemented in much more detail. This report is compiled by a trusted third party (Ernst & Young), who validates that our controls are effective each year.

2FA:

We also employ two-factor authentication (2FA) to bolster the security of user accounts. This process requires not only a password but also a one-time code sent to the user's mobile device for login. The dual-factor approach significantly reduces the risk of unauthorised access, offering an additional layer of defence. 

Independent security testing:

Airwallex takes a pro-active approach to security, regularly conducting security audits and assessments to identify and address any potential risks in our systems and processes. Through a mixture of red team exercises, adversary simulation, and penetration testing, Airwallex gets crucial insight into how attackers work and assurance that our security measures are working as expected. By continuously evaluating our security measures, we can quickly identify and mitigate emerging risks, ensuring our platform remains secure.

How is Airwallex licensed and regulated?

Airwallex is licensed and regulated in multiple places around the world. In Hong Kong, we are licensed as a Money Service Operator by the Hong Kong Customs and Excise Department. This means that we are required to comply with the laws and regulations of Hong Kong, which are designed to protect customer funds and personal information. 

Beyond Hong Kong, we hold many licences and adhere to regulations in the countries we operate‌ in. This includes the Financial Crimes Enforcement Network (FinCEN) in the US, Monetary Authority of Singapore (MAS), Australian Transaction Reports and Analysis Centre (AUSTRAC), and the Financial Conduct Authority (FCA) in the UK, amongst others.

Airwallex’s commitment to regulatory compliance is proactive and ongoing. We're dedicated to staying ahead of the curve, investing in our systems and processes to ensure we are always up to date with the latest requirements. By complying with requirements set by these global regulatory bodies, we guarantee that our operations are continuously reviewed and improved, providing peace of mind to our customers around the world.

How does Airwallex keep your money safe?

Airwallex HK deposits all funds collected for or received from our customers in designated bank accounts. On a daily basis, Airwallex HK reconciles your payment instructions to ensure all instructions are being properly processed by internal system and banking partners, and our internal ledger system will auto-calculate your account balance based upon processed transactions.

Our security is regularly tested and audited by external security firms. These independent assessments help us to identify and address potential vulnerabilities. We also have internal controls to prevent fraud and unauthorised access, and to ensure that any unusual activity is quickly detected and resolved.

We take a strong stance on regulatory compliance. We’re registered with the Financial Crimes Enforcement Network (FinCEN) as a money services business, which means we must adhere to strict regulatory standards. This registration ensures transparency and accountability and should give you confidence in the security of your funds.

How does Airwallex keep your account secure?

At the core of our account security is two-factor authentication (2FA). This requires an extra layer of identification on top of your password. 2FA is mandatory for every user once the account becomes active, and cannot be turned off. 

We take identity verification very seriously. When you create an account with us, we use advanced technology to verify your identity, ensuring only authorised individuals can access your financial data. In the event that you lose access to your account, we also go through this verification process before granting access again to ensure your account stays safe. 

In addition, we continuously monitor accounts for any unusual activity. Advanced algorithms and a dedicated security team work 24 hours a day, 365 days a year to detect atypical patterns or transactions that may indicate a potential risk. If any suspicious activity is identified, we’ll promptly initiate an investigation and resolution process, often involving user notification to confirm the legitimacy of the activity.

Is it safe to send money through Airwallex?

Yes! We ​​act as a secure intermediary, allowing businesses to conduct transactions internationally without exposing sensitive financial details. All transactions are subject to our security measures, ensuring  every payment sent through Airwallex is protected from end to end.

How does Airwallex protect you from fraud and scams?

Our advanced fraud detection systems use machine learning to analyse transaction patterns and identify any unusual activity. This allows us to quickly flag and investigate potentially fraudulent transactions. We also have a team of security experts who watch the platform every day for signs of fraud. This human element is instrumental in detecting and addressing even the most complex scams. 

We constantly scan the internet to identify possible fraud or scam websites and other resources. When we find these, we work with web hosting providers like Google Cloud Platform and Cloudflare to have these taken down as quickly as possible.

What protection does Airwallex have against card fraud?

As well as adhering to PCI DSS we’ve partnered with top-tier payment networks to ensure that all card transactions are secure and compliant. We use advanced authentication methods, such as 3D Secure, to authenticate transactions, ensuring that only the genuine cardholder can make a transaction.

We also use real-time fraud detection systems powered by advanced algorithms and machine learning. These systems are agile and adaptive, providing a proactive defence against the ever-evolving tactics of fraudsters.

Could your Airwallex account be locked or restricted?

Account locking or restrictions can be a concern for users on any financial platform. While we take extensive measures to ensure account security, there are specific circumstances when your account might be locked or restricted. These actions are typically taken to protect your funds and personal information from potential threats.

We may impose restrictions or lock your account if we detect suspicious activity, such as unusual transaction patterns or attempts to access your account from an unfamiliar location.

If your account is locked or restricted, the first step is to contact our customer support team who will help you resolve the issue after validating you are the right owner. Please rest assured that we don't take these actions lightly and always have your best interests at heart. We’re committed to safeguarding your security and the integrity of our platform, and account restrictions are a last resort.

How do Airwallex users support security measures?

While Airwallex provides a highly secure platform, it's also important for users to remain vigilant against potential threats such as phishing scams. Always ensure that you are communicating through official Airwallex channels and be cautious of unsolicited communications that request sensitive information. Remember – our support staff will never ask you for your password or MFA codes.

With advanced encryption technologies and compliance with international security standards, Airwallex is dedicated to ensuring the security of your financial operations. Our proactive fraud detection systems work tirelessly to identify and mitigate potential threats, while regular audits help us maintain the highest levels of data integrity and safety. By prioritising security at every step, we provide you with the confidence that your data and funds are in safe hands. 

With Airwallex, you can focus on growing your business, assured that we are committed to keeping your financial transactions secure and your information protected.