Is Airwallex safe?

Yes! At Airwallex, we take security seriously and have implemented several measures to protect our users and their money. 

As more businesses turn to modern digital platforms for their financial needs, choosing a partner that prioritizes security and compliance is essential. Airwallex is licensed and regulated by financial authorities worldwide. We comply with industry standards and regulations and have implemented our internal security protocols. 

In this article, we’ll examine how we keep your data and accounts safe, including our approach to encryption, compliance, licensing, and fraud protection. By understanding our comprehensive security measures, you can feel confident about trusting 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 globally recognized certifications and implemented a world-class security program to protect your data and transactions. 

Our security measures start when you log in to your Airwallex account. We require two-factor authentication (2FA) for every account to prevent attackers early on. 

Every interaction with your Airwallex account is monitored and analyzed for suspicious activity, leveraging usage patterns for hundreds of thousands of users to find bad actors. This information is fed into various AI models and human reviews to keep your account safe.

When you make a payment — whether online or using a card — it’s fed into our advanced monitoring engines, which detect fraud at an industry-leading rate. This analysis occurs when you tap your Airwallex card on a terminal or make an online payment. 

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. Our teams analyze thousands of alerts daily to ensure our products are as secure as possible. 

Security is embedded in everything we do at Airwallex. Before a customer interacts with a product, feature, or change, it undergoes a range of security tests and reviews. Our underlying servers and infrastructure use industry-leading data encryption and access controls to secure your data, transactions, and accounts.

To ensure the effectiveness of all these security measures, we regularly conduct third-party penetration testing and advanced threat adversary simulation attacks against Airwallex. These tests give us crucial assurance that everything is working as expected and provide invaluable insights to make even further improvements. 

When using Airwallex, you can trust that we've gone above and beyond to keep 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 certified to the highest standards of PCI-DSS Level 1. The Payment Card Industry Data Security Standard (PCI DSS) certification is important for any organization that handles credit card payments, as it sets the standard for protecting cardholder data. Following PCI DSS, we’re committed to maintaining the highest data security standards, including secure network architecture, strong access control, and regular security testing.

Data encryption

Airwallex's customer data is encrypted everywhere it is sent and stored. We use industry-leading encryption technologies to protect sensitive information, such as personal and financial data, from the moment it is transmitted from your device to the point it is stored on our servers. By encrypting the data both in transit and stored at rest, we can ensure that it is unreadable by anyone not authorized to see it.

SOC2 Type II

Airwallex has been certified with Service Organization Control (SOC)2 Type II since 2021, demonstrating our commitment to securely storing and processing your data. Our reports outline our security measures in greater detail and are openly available to customers on our security portal. A trusted third party (Ernst & Young) compiles this report, validating that our controls are effective annually. 

2FA

We also employ 2FA to bolster the security of user accounts. This process requires a password and a one-time code sent to the user's mobile device for login. The dual-factor approach significantly reduces the risk of unauthorized access, offering an additional layer of defense. 

Independent security testing

Airwallex takes a proactive approach to security, regularly conducting internal and independent third-party security audits and assessments to identify and address potential risks in our systems and processes. Through red team exercises, threat adversary simulation, and penetration testing, Airwallex gains crucial insight into how attackers work and assurance that our security measures are working as expected. By continuously evaluating and enhancing our security measures, we can quickly identify and mitigate emerging risks, ensuring the highest assurance that our platform remains secure.

How is Airwallex licensed and regulated?

Airwallex is licensed and regulated worldwide. In the US, we operate under strict regulatory requirements to ensure the security of customer funds and compliance with applicable laws.

FDIC-insured partner bank accounts

While Airwallex is not a bank, we partner with trusted banks to provide our services. In the US, these partnerships are designed to provide our customers with funds with FDIC insurance coverage of up to $250,000 per qualified customer account per banking institution.

Evolve Bank & Trust, a member FDIC, provides payment services to certain US-based customers, an Airwallex partner bank. At Evolve, funds are held in an FDIC-insurance-eligible omnibus account for the benefit of Airwallex’s customers. FDIC insurance coverage applies as soon as funds are deposited in US partner bank accounts. Customer funds are not available for Airwallex’s operational needs or creditors and are protected even in the unlikely event of Airwallex’s business failure.

Money Transmitter Licenses (MTLs)

Airwallex is licensed as a money transmitter and currently holds MTLs in 43 US states and territories. MTLs are required for businesses that collect and transmit customer funds and are designed to protect customers in several ways:

• Surety bonds: Most states require Airwallex to maintain surety bonds, which act as a financial guarantee to customers. Surety bonds can compensate customers for monetary losses when laws or standards are violated. Airwallex is required to replenish these bonds to ensure continued compliance.

• Minimum capital requirements: Airwallex adheres to state-imposed minimum capital requirements. These requirements ensure financial stability by discouraging excessive financial risks and maintaining sufficient liquidity to absorb unexpected losses.

• Permissible investment maintenance requirements: Airwallex complies with permissible investment maintenance requirements, which mandate maintaining a reserve of assets equal to or greater than the total of all current customer payment obligations. Reserved assets typically include cash, certificates of deposit, and US treasury securities. These safeguards ensure that Airwallex has sufficient liquid assets to return all funds owed to customers in the event of insolvency.

Airwallex’s commitment to regulatory compliance is proactive and ongoing. By adhering to US and global regulations, Airwallex ensures transparency, accountability, and the protection of customer funds.

How does Airwallex keep your money safe?

Airwallex takes a robust approach to safeguarding customer funds:

• Partner bank protections: Partnerships with trusted banks are designed to provide FDIC insurance eligibility of up to $250,000 per qualified customer account.

• Separation of funds: Customer funds are segregated from Airwallex’s operational accounts and cannot be accessed by Airwallex creditors or third parties.

• Daily reconciliation: Airwallex reconciles payment instructions daily to ensure all transactions are processed correctly through internal systems and banking partners.

• Security audits: Airwallex undergoes regular testing and audits by external security firms to identify and address potential vulnerabilities.

• Internal controls: Airwallex implements strict internal controls to prevent fraud and unauthorized access and quickly detect unusual activity.

By complying with state and federal US regulations and implementing rigorous safety measures, Airwallex provides a secure, compliant, and trusted solution for businesses in the United States.

How does Airwallex keep your account secure?

At the core of our account security is 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 authorized individuals can access your financial data. If 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 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 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 analyze transaction patterns and identify 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 daily for signs of fraud. This human element is instrumental in detecting and addressing even the most complex scams. 

We constantly scan the Internet for possible fraud or scam websites and other resources. When we find them, we work with web hosting providers like Google Cloud Platform and Cloudflare to take them down as quickly as possible.

What protection does Airwallex have against card fraud?

In addition to 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 defense 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 atypical 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, which will help you resolve the issue after validating that you are the proper 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, users must remain vigilant against threats like phishing scams. Always ensure that you communicate 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 2FA 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. At the same time, regular audits help us maintain the highest levels of data integrity and safety. By prioritizing 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, and be assured that we are committed to keeping your financial transactions secure and your information protected.