Safety, Security & Trust at Wirex

Region: Europe
Jul 7, 2020, 9:20:14 AM Published By Wirex Team

We understand how important it is to keep your money safe and secure at Wirex. That’s why we prioritise protecting and supporting our customers and their traditional and cryptocurrency with extensive security measures, as we develop our products and services.

Faster, Cheaper and Easier Payments

Cryptocurrency was designed to be safer than traditional payment methods in many ways. In the past, some have considered cryptocurrency unsafe or have associated it purely with gambling and trading, but we believe that if companies properly regulate and maintain this space, we can make it a trusted, secure form of payment that solves many of consumers problems with finances.

Since Wirex started in 2014, we wanted to create a safe and secure environment using state-of-the-art technology, so that our customers can take advantage of the benefits of cryptocurrency, including faster, cheaper and easier payments. For that reason, we want our users to trust that we’ve taken the necessary measurements to ensure Wirex is used for seamless transactions in a monitored environment, and give you the confidence to experience a world where all currencies are equal!

Licenced and Regulated

We are a licenced and regulated platform for our Fiat-related activities, that adheres to local regulations and secures the appropriate licences where they exist. Where regulations don’t exist, we’re endeavouring to lead by example for other companies by applying ‘gold-plated standards’, because we care about our customers and their money. Our team is always on top of the latest development in the space, so that we can remain compliant as we develop our product and expand into new markets.

For example, you may also have seen the news that we are in the process of applying for a licence in Singapore, to operate under the Payments Services Act. Although we’re allowed to operate in the meantime, getting this licence is all part of our work to comply with local regulations that are constantly developing in the digital currency world, and reassuring our customers that we’re working with the authorities where we can to provide a world-class product.

It's also important to note that if you are topping up your account using an existing card or bank transfer, you are protected by your existing bank account’s rules and regulations. Similarly, if you are using your Wirex card to make a transaction, as part of this, we’ve partnered with authorised card issuers, to provide the same standard of service increasing card security for our own customers.

Resilient Technology

There’s a lot going on behind-the-scenes at Wirex to keep your details safe. We use sophisticated and resilient technology across all areas of our product, to ensure that your =data is always safe with Wirex. If you’re already a customer of Wirex, you’ll know about our on-boarding process and ‘Know Your Customer’ (KYC) checks that we do. Everyone that wants to sign-up to Wirex has to go through this, and it helps us to ensure that new customers are allowed to use our services, and are using them for the right reasons.

We’re minimising the risk of theft and hackers, by using a multi-sig security model on our customer’s cryptocurrency wallets, meaning the access keys to this are stored in different locations on our system, making access that much harder. You can find out in more detail the benefits of Wirex’s multi-sig wallet model in our previous blog article here. We also keep your documents and sensitive data for-your-eyes only, using TLS and 256-bit encryption technology.

Customers can rest assured that the Wirex infrastructure is regularly tested and approved as being PCI DSS Level 1 compliant, which is the highest level possible, ensuring a secured network. We’ve also set up 3D secure enrollment, ensuring you’re protected online and off.

We have an in-house Fraud team and extensive risk-engine tools set up to monitor suspicious payments or fraudulent card transactions, as well as any unauthorised access to customer’s accounts. Don’t worry, if our system suspects that someone other than you has access to your account, we’ll freeze it until we’re sure it’s secure. Read more here.

Passwords and Protection

Wirex is working hard to empower our customers to enjoy the advantages of a world where all currencies are equal, and it is important that users feel in control of their money. Our user-friendly platform allows our customers to easily access an overview of all their recent transactions, and live in-app updates let you know when a transaction has been made on your card. That way, you’re always in-the-know about what activity has taken place on your account.

With passwords, it’s important that you take basic steps to protect this by avoiding malware threats and using up-to-date web browsers, and ensure it’s complex and unique.  To put your mind at ease, if you suspect your account has been compromised, Wirex gives you the ability to easily change your account password, and temporarily block and unblock your contactless Wirex card at any time, all done through the app with just a single click. Not only this, but we make it simple for customers to change their PIN number from within the platform, in case they’re worried someone might have access to it.

Customer Support On-Hand to Help

If all of that wasn’t enough to reassure you, or you have any concerns, we have a dedicated Customer Support team on hand to help with 24/7 live chat. You can also get in touch with the team, and we’ll get back to you as soon as we can.

If you just want to find out a bit more about how to use some of our features and services, have a look at our help articles covering all in-app functionality and frequently asked questions, or head to our Community Forum, where you can find out what other Wirex users have to say.

For more information about our extensive security features, head to our Security Page or Cryptosecurity section of our blog.