How safe is AFSD?

Security · April 24, 2024

AFSD Team

Digital transactions and online banking are becoming increasingly popular, and ensuring the security of our finances is more important than ever. With the rise of banks operating exclusively online and offering innovative financial solutions, the security of their platforms becomes critically important. AFSD plays a key role in transforming digital banking, offering our clients convenient, efficient, and fair rates for financial services. We protect our customers' information with robust security measures and constantly improve them to stay ahead of fraudsters. We use the latest technologies, such as machine learning and biometrics, to analyze all transactions. In this blog, we will tell you how we ensure the security of our customers' money and what measures we take to prevent fraud. For example, through multi-factor authentication and real-time transaction monitoring. Thanks to the trust of our community, as of March 2024, the number of our customers exceeded 40 million.

How does AFSD protect my money?

AFSD uses a set of rules to protect your money. These rules ensure that in the event of the electronic money institution's bankruptcy, your funds will be safely stored and can be returned to you. Here's how it works: as soon as we receive your money, we must either place it in a special 'safeguard account' in a bank or invest it in low-risk assets approved by the regulator as an alternative to cash. Funds and assets are stored in a number of licensed banks around the world, such as JP Morgan, Barclays, Citibank, Goldman Sachs, and others. We keep your money in these accounts or investments until you spend it. The main difference between FSCS protection and safeguarding is that FSCS protection is provided by an independent legislative body, whereas safeguarding is provided by the electronic money institution itself. AFSD, like any other electronic money institution, is unlikely to go bankrupt. But if it happens, customers' claims on their money will be covered by the safeguard account. We do not lend the money we receive from one person to another. As long as we comply with safeguarding laws, we will have enough funds in our accounts and investments to pay our customers what we owe them.

How does AFSD protect me from fraud?

Our own fraud detection system is at the forefront of our security measures. It uses advanced machine learning and artificial intelligence techniques to detect suspicious activity. Additionally, our Financial Crime Fighting team, consisting of 2,500 people, works to ensure that our customers do not become victims of fraud. According to our estimates, in 2023, AFSD prevented potential fraud against our customers amounting to about R480 million.

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