We have no idea where this particular abomination started but its is in most common use amongst social and care workers and their satellites.

A safeguard is a mechanism (usually a system not a thing) which protects something else.

However, its use as a verb ("we safeguard".. ) is long established even though a better expression would be "we protect" or, depending on the context, "we guard against."

However, extending it to "safeguarding" is a step too far. So is "safeguarded."

Use "protecting" and "protected" for greater precision and - frankly - to reduce the cringe factor.