When it comes to money, security is everything.
Here's what this article covers.
Security measures around the e-wallet
Springly has built multiple layers of security to keep your funds protected at every step and guard against all types of cyberattacks.
Here are some of the safeguards we have in place.
This list is not exhaustive. For security reasons, we do not disclose the full details of our verification processes.
Can collected funds be lost?
Your funds are held by Adyen, our payment provider, in an e-wallet dedicated to your nonprofit. Each organization using our services gets its own account, so your funds are kept separate and clearly identifiable.
Springly cannot use your nonprofit's funds. Outgoing wire transfers can only be sent to a bank account held in your nonprofit's name, after Adyen has verified the supporting documents you provide. This adds an extra layer of protection in the event of a cyberattack.
The law strictly prohibits Adyen or Springly from using the funds collected on your behalf. As a result, even in the event of financial difficulties or bankruptcy, your collected funds remain accessible and available to your nonprofit.
Adyen is a publicly listed European company with over 15 years of experience and more than 1,500 employees. Like a traditional bank, Adyen is subject to regular oversight as a payment provider by financial regulators.
Are transactions secure?
All transactions are secured through:
1. HTTPS protocol
This protocol is secure because:
- it transmits data in encrypted form (so a third party intercepting network traffic — on a public Wi-Fi network, for example — cannot read the data being transmitted)
- at the start of each connection, a certificate is sent to verify the legitimacy of the website you're visiting.
2. Fraud analysis
When a transaction involves a large amount or raises a flag during fraud analysis, a third layer of security is triggered for certain transactions:
3D Secure
After entering their card details, the payer is redirected to their bank's page. They receive a text message with a 6-digit code, which they must enter to confirm the payment. This verifies that the person making the payment is the legitimate cardholder.
A transaction is marked as paid only once the payment has been processed and the funds are available in your e-wallet.
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