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 service provider 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 our commitment to safeguarding user data and transactions, including our approach to encryption, compliance, licensing, and fraud protection. By understanding the comprehensive security framework 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

Airwallex takes a multi-layered approach to security, from regulatory compliance to advanced fraud detection systems. We’ve received multiple certifications and implemented a number of security features to protect your data and transactions. 

SSL encryption:

One of the key technologies we use is SSL (Secure Sockets Layer) encryption. SSL is a security protocol that is designed to protect sensitive information, such as personal and financial data, as it is transmitted between your device and our servers. By encrypting the data as it moves, SSL ensures that the data is unreadable to anyone who is not authorised to see it.

PCI DSS:

We adhere to the Payment Card Industry Data Security Standard (PCI DSS). This 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.

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 mitigates the risk of unauthorised access, offering peace of mind even if a password is compromised. 

ISO 27001:

We’re ISO 27001 certified – the internationally recognised standard for information security management systems. ISO 27001 requires a systematic approach to managing sensitive company and customer information based on regular risk assessments and the implementation of security measures to protect it from unauthorised access, disclosure, alteration, and destruction.

Security audits:

Airwallex conducts regular security audits and assessments to identify and address any potential vulnerabilities in our systems and processes. These checks are critical for staying ahead of emerging cyber threats. By continuously evaluating our security measures, we can quickly identify and mitigate risks, ensuring our platform remains secure.

How is Airwallex licensed and regulated?

Airwallex is licensed and regulated in multiple places around the world. In the UK and EU, we are licensed as an Electronic Money Institution by the Financial Conduct Authority (FCA) and The Central Bank of the Netherlands, respectively. This means that we are required to comply with ‌local laws and regulations, which are designed to protect customer funds and personal information. 

Beyond the UK and Europe, 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 Hong Kong Customs and Excise Department (C&ED).

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?

We maintain funds in separate, segregated accounts at highly reputable banks. This ensures that customer funds are kept separate from our own operational funds. By partnering with trusted financial institutions, we benefit from the advanced security measures of these banks to protect your funds.

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. This requires an extra layer of identification – a code sent to your mobile device – on top of your password. This ensures that, even if your password is somehow exposed, your account remains impenetrable.

To make sure your security is balanced with convenience, we allow you to register your devices as trusted for login. This means that if you’re using a device you’ve used before, you won’t have to go through the same verification steps again. But don’t worry, we’ll still make sure it’s you by asking for extra verification if you’re logging in from a new device.

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. This includes encrypting your personal information and securely storing it so it can’t be read by anyone who shouldn’t have access to it. 

In addition, we continuously monitor accounts for any unusual activity. Advanced algorithms and a dedicated security team are employed 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. This proactive approach ensures that any potential security breaches are quickly addressed, providing an additional layer of protection for your account and financial data.

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. By complying with PCI DSS and using advanced encryption technologies, every piece of data 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 also provide educational resources and tips to help you recognise and avoid common scams. By arming you with knowledge, we encourage a proactive approach to security, which in turn helps to make the platform safer. Together, we can ensure that Airwallex remains a trusted and secure partner for your financial transactions.

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. Violations of our terms of service can also lead to account restrictions. 

If your account is locked or restricted, the first step is to contact our customer support team, who will help you resolve the issue. 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.

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.