E-wallet and Security

This article covers:

1. When and how to withdraw your collected funds
2. The regulatory framework for fraud prevention and related precautions
3. Real-world examples of fraudulent activity
4. Prevention measures put in place by Springly

When and how to withdraw your collected funds

You can request a withdrawal of the funds in your E-wallet at any time.

To do so, go to your E-wallet page via Payments > E-wallet.

Click the "Payout to my bank" button.

For new accounts, a 30-day holding period may apply. This period will shorten as more successful transactions are recorded.

For nonprofits with a strong history of valid transactions, payout requests are processed instantly — though the actual transfer may take a few days depending on your bank.

Regulatory framework and precautions

Online payments are subject to strict regulation, designed specifically to combat fraud and terrorist financing.

These rules are largely defined by an industry consortium that sets security standards: PCI DSS (established by Visa, Mastercard, American Express, and others).

They may feel restrictive, but they protect both your organization and the people who pay online.

Real-world examples

Here are some known online payment fraud schemes:

• Identity theft: fraudsters impersonate a nonprofit and collect funds in its name;
• Use of stolen payment cards;
• Card number testing: fraudsters may use a Donation Campaign to test card numbers, then use those cards for purchases elsewhere.

Fraud comes in many forms and is growing increasingly sophisticated. Some bad actors go as far as creating fake websites, Facebook or Instagram accounts, or doctoring identity documents.

Springly has put numerous measures in place to prevent these threats.

What prevention measures does Springly have in place?

KYC (Know Your Customer)

To verify your E-wallet, you'll be asked to provide a few documents. This process is called KYC (Know Your Customer).

This process is detailed here.

In some cases, we will carry out an enhanced KYC process, and additional information may be requested from nonprofit administrators or beneficiaries.

For example, if we detect suspicious payments on one of your Donation Campaigns or Membership Campaigns.

Monitoring

We receive alerts whenever a payment raises a red flag.

Here are some examples of our risk management rules:

• Velocity rules: limits on how frequently a beneficiary can attempt payments;
• Consistency rules: review of consumer information and behavior to identify anomalies and potential fraud;
• ShopperDNA rules: analysis of consumer data and behavior to detect fraud — for example, a failed 3D Secure verification;
• Notification of a stolen card or Notification of Fraud (NOF) received from the bank.

Keeping our monitoring rules confidential is essential to protect against bad actors. For this reason, no further details can be shared in this article.