In this article, we'll provide an overview of online payment security and transaction security assessment, including common risks and preventive measures you can take to protect yourself and your organization.
We'll cover the following topics:
- When and how to withdraw funds
- Fraud prevention regulations and precautions
- Examples of malicious activities
- Preventive measures taken by Springly
- What is a transaction security assessment
1. When and how to withdraw funds
Are you looking to withdraw funds from your Springly account? You can do this easily by going to Forms & Campaigns > e-Wallet, and click on Pay out to my bank.
Please note that if you're a new user, there may be a 21-day hold on your transfer. However, this hold period will gradually decrease as you complete more valid transactions.
For organizations that have completed numerous valid transactions, transfer requests will be available immediately.
2. Fraud prevention regulations and precautions
At Springly, we take online security very seriously. That's why we follow the industry standards established by the PCI Security Standards Council, which includes major credit card companies like Visa, Mastercard, and American Express. These regulations help protect both the payer and the payee during online transactions.
3. Examples of malicious activities
Unfortunately, there are still malicious actors out there who engage in fraudulent activities.
The following are common examples of online payment scams:
- Identity theft, where fraudsters impersonate nonprofit representatives to collect funds
- Card number combination testing, where fraudsters test stolen credit card numbers on donation campaigns before using them for other purchases
4. Preventive measures taken by Springly
KYC (Know Your Customer)
To verify your account, we may request certain documents as part of the Know Your Customer (KYC) process. You can find more information on this procedure in our Help Center.
In some instances, we may also conduct a "Strengthened KYC", which requires additional information. We do this if we detect suspicious activity, such as abnormal payments in a donation or membership campaign.
Transaction Monitoring
We receive an alert whenever any doubt arises about a payment. These alerts depend on the applicable risk management rules.
Here are some examples of parameters for these rules:
- Velocity: frequency of transaction attempts by a payee
- Consistency: comparison of shopper information and behavior to identify inconsistencies
- ShopperDNA: analysis of shopper data to detect fraud, such as a failed address verification
- Bank: stolen card or fraud detected by the bank
Maintaining the confidentiality of our surveillance rules is crucial in protecting against malicious actors. Therefore, we cannot disclose further details.
5. What is a transaction security assessment
The transaction security assessment is the process of evaluating and analyzing potential risks associated with online payment transactions. This involves identifying potential threats, vulnerabilities, and risks to online payment systems and determining the likelihood and impact of those risks.
Transaction security assessment on Springly
Assessment levels:
- No risk = 0-day hold
- Low = 5-day hold
- Medium = 14-day hold
- High = 21-day hold
- Extreme = Blocked from online payment
In conclusion
We hope this article has helped you understand the process of withdrawing funds from Springly and the measures we take to keep your online transactions secure. If you have any further questions or concerns, please don't hesitate to contact us.
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