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Crypto Security

What makes Wirex so secure compared to other Bitcoin exchange & wallet providers?

Mar 19, 2018, 10:14:43 AM Published By Wirex Team
Security should always be the #1 priority when you are choosing an exchange. With a Wirex account, your money couldnt be safer. Dont believe us? Weve got proof. Wirex is official PCI DSS certified.

What is PCI DSS certification?

Another acronym? Yes, but this is one youll want to know about. PCI DSS stands for The Payment Card Industry Data Security Standard. Its a set of technical and operational standards, set by a council of representatives from major financial companies, such as Visa, American Express, and Mastercard. Since 2006, the council has met regularly to ask the question: how can payment card companies keep their customers data safe? Passing PCI DSS certification is probably more gruelling than any exam youve ever sat.Its also a lot tougher than other ineffective security standards, such as SSL certification. A company needs to either pass a thorough inspection from an external security assessor or to submit reports from a designated internal security assessor. Wirex meets all of the strict requirements for PCI DSS certification. Go ahead and dive into the more technical details if youre interested, but if not, this includes stuff like:
  • Avoiding storing data whenever possible and never storing sensitive information (such as PINs.)
  • Using cryptographic storage and encrypted transmission for any data that must be stored.
  • Limiting who can access data with ID checks, screening employees and educating them about security.
  • Regularly testing security systems and keeping software up to date.
Oh, and its not like PCI DSS is one more piece of paperwork to file in the back of a drawer and forget about. The council frequently updates the standards to reflect any changes. Any lapses in security standards result in fines of up to $100,000 per month, even if theres no actual breach.

Why does PCI DSS certification matter?

Most of the high profile hacks youve heard about were completely preventable. Thats right - if the exchanges had followed basic security standards, tens of millions worth of bitcoin would still be in the hands of its rightful owners. If youre using an exchange without PCI DSS certification, your bitcoin is vulnerable to hackers. Youre constantly at risk of waking up one day and finding every penny in your account gone. And the irreversible nature of blockchain transactions means it is almost impossible for you to get your money back. Lets face it. Targeting an exchange can be enormously profitable for hackers. They are always on the prowl, looking for a security hole to exploit. If theres a flaw in an exchanges security, they are going to find it. As it stands, no other cryptocurrency exchange has achieved this high level of security. Your bitcoin is safest with Wirex. Were always ten steps ahead of the hackers. Sign up for a free account today and enjoy the peace of mind that comes with knowing your money is safe.
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