The handling of financial transactions is one part of the online casino industry that is rarely talked about. The next is the security measures in place to protect the players. The truth is that the majority of people that sign up to casinos may not consider this an essential item in the list of the items to be crossed checked before deciding to stick with a platform. Many people are just interested in signing up and getting on with their games.
When you consider the amount of money that exchanges hands in the online casinos, in terms of withdrawals and deposits, you will see the need for casinos to ensure speedy and safe transactions at all times. Casinos that want to maintain their credibility must take this seriously.
The next area that must be taken seriously is the regulator that offers them the license to operate. Recently launched casinos in the UK are licensed by the gambling commission of the UK, and they also give them guidelines to follow. This leads to a sector that is very safe, and where there are little or no ugly incidences because of the provisions of the measures.
How Do Casinos Deliver Safe Banking to Customers
Identity checks – casinos employ similar security checks to what you will get from the banks and other financial houses. They start when you want to create an account with the casino. They will normally conduct a full identity check on you before your account is approved. In most cases, you have to scan and submit documents like your passport containing your full names and date of birth, and a utility bill with your full house address.
SSL encryption – they also employ the highest level of SSL encryption to make sure that third party agents with authorization cannot access your financial and personal data on the server of the casino website. The SSL bit ranges from the 128 to the 256 bit. So you need to check and be sure these are in place.
PCI DSS – some of the online casinos may also take the security a notch higher by implementing another layer of protection known as the Payment Card Industry Data Security Standard (PCI DSS). It was in 2006 that some of the major payment card providers like America express, MasterCard, and visa came together and introduced this protection method that must be met by all organizations that store and process card information. Through this, they are expected to maintain a secure environment and keep to a certain level of safety at all times.
Withdrawal limits – there are very strict withdrawal and deposit limits in the majority of casinos, and this is set in a way that no player can exceed them. They did this to prevent theft and fraud, in a situation where other security checks have been by-passed. In cases of larger withdrawals, a confirmation of identity is also demanded, just like it was done during sign up, to offer more protection.
Player fund segregation – the same way customers’ money is protected by the FSCS when it is in a bank, to the extent that customers are compensated in cases of theft or liquidation is how casinos apply the player fund segregation method. Here, the deposits and winnings by customers are held in a separate account from the casino’s operational funds. So, when the casino goes out of business, the customers will get their compensation.
Popular Payment Methods
Many businesses seek to achieve payments without hassles, and that is also the aim of the online casinos. To achieve this, they have to offer a variety of payment options. The list below shows that they cover all necessary grounds.
Many casinos prefer PayPal for payments from casino players. This is because it is 100% safe and secure, and payments with it are easily and quickly processed. Most of the respected casinos offer it as a payment method, and this is because of the amount of peace of mind that PayPal payments give to players and casinos alike. You can enjoy PayPal payments in the 888 casino.
The traditional credit and debit cards have always been accepted by casinos as a payment method, just as most of the online businesses accept them. Here, we are talking about Visa, MasterCard, American Express and others. They are preferred because of the security they offer the customers and their credibility to the casinos. But some alterations may be coming to card payments from the middle of 2020. With the ban on credit card payments by the government, only debit card payments will be possible. The ban is meant to prevent gamblers from accruing debts through the credit cards.
The identity of the person making the payments is thrown open by the credit and debit cards, but the e-wallets offer anonymity, in conjunction with total security. Skrill, Neteller and other e-wallets have become a popular way of paying for casino games, though some of them charge fees that are considered high by some players. But another amazing thing about payments with this is that they are completely instant – processed within seconds.
Our way of lives has been changed by mobile phone in many different ways. The revolution brought about by the arrival of mobile devices keeps giving. It can now be used for payments at online casinos. You can do this by using deposit methods like Android and Apple pay that are linked to the bank account of the owner of the phone or through Direct Carrier Billing (DCB) from your phone credit. The latter method is preferred by many organizations including charities, and through it, the amount paid by the user is charged from their phone accounts.
Many casinos are beginning to accept payments in Bitcoin and other cryptocurrencies. Many gray areas still abound about this payment method, but many casinos are already accepting it. Though some of the big names are still skeptical about it, if it succeeds in the mainstream financial world as it looks to, nothing will prevent all casinos from embracing it. Through the blockchain technology that powers crypto payments, transactions are 100% secure and anonymous, and this makes them better than fiat money banks.
All casinos understand that above all other things, being 100% safe and secure for the players is the number one thing they should seek. This will help them build trust in the players. Otherwise, they will seek for that trust somewhere else.