One aspect of the online casino industry that is rarely talked about is the way in which the various financial transactions involved are handled.
Also what measures are taken to ensure the safety of the players. In fact, for many people who sign up at a casino, it may not be very high on the list of questions they need to be answered. Usually people just want to sign up and start playing right away.
But, with potentially large sums of money coming and going, in terms of deposits and withdrawals, casinos need to ensure that transactions can be completed quickly and securely. This is essential if they want to maintain their good reputation.
In addition, the official regulator overseeing the licensing of online casinos – in the case of the UK, that body is the Gambling Commission – which also sets strict guidelines to be followed. The result is a safe industry where accidents rarely happen, thanks to the many measures in place.
How do casinos ensure safe banking for customers?
• Identity checks – The security measures employed by casinos are similar in many respects to those employed by banks and other financial institutions and the first of these is when a player registers. It is a condition of the license of any online casino that a full identity verification must be performed before anyone can register. Typically, this will involve the submission of scanned documents such as passports and recent utility bills showing a confirmed address and date of birth.
• SSL encryption – another essential measure is that the appropriate level of SSL encryption is deployed to ensure that hackers cannot access any type of personal or financial information that may be stored on the servers of the online casino. Always at least 128 bit and ideally 256 bit, regular checks are made to make sure this is in place.
• PCI DSS – a number of online casinos are also adding another layer of protection in the form of the Payment Card Industry Data Security Standard (PCI DSS). This is an initiative launched in 2006 by major payment card providers, including Visa, Mastercard, and American Express, to ensure that any organization that stores or processes card information meets a defined level of security and maintains a secure environment at all times.
• Withdrawal limits – most casinos also have very strict deposit and withdrawal limits which cannot be overridden and which prevent fraud or theft from occurring in the unlikely event that other security measures are breached. As an additional level of security, larger withdrawals must also be validated with identity confirmations using the same types of evidence required when registering for the first time to play.
• Segregation of player funds – just as the FSCS protects customers’ money when it is in the possession of banks and will compensate customers in the event of the financial institution failing, similar measures are in place with casinos. This is called segregation of player funds and ensures that customer deposits and winnings are completely segregated from the funds that a casino needs for operational purposes. Thus, if a casino were to close its doors, its customers should be able to be compensated immediately.
Popular payment methods
Frictionless payment is the key goal of most businesses and online casinos are no exception. This means offering a wide range of payment options, you will find that virtually all the basics are covered:
• Pay Pal
PayPal is a preferred payment method for many casino players. It is 100% safe and secure and means you can play casino games quickly, easily and securely. It is offered by all of the most respected and trusted casinos because it provides casinos and customers with the ultimate peace of mind when executing and processing payments. A great and respected example of a PayPal casino is 888 Casino, which offers customers a quick and easy way to register and start playing a wide variety of games.
Casinos have always accepted the traditional payment methods of credit and debit cards, as just about all online businesses do. Whether it is Visa or Mastercard, this not only guarantees the safety of the customer, but also ensures that the casino will receive their money as well. However, there are changes going on. From mid-April 2020, only debit card payments will be allowed as the government has completely banned credit card payments. This is a measure designed to keep players out of debt which can start to escalate once interest begins to be charged and has been widely hailed as a move towards more responsible gambling.
• Electronic wallets
While debit and credit cards make it clear who pays or receives money, the use of electronic wallets such as Neteller and Skrill provides complete security, as well as absolute anonymity. These have become very popular, although there are some downsides to using them, including the fees that some change. On the other hand, transactions tend to be almost instantaneous and certainly faster than banks.
• Mobile payments
The mobile phone has done more than almost any other device to change the way we live today and this revolution has brought about many changes. One of them is the way it allows payment. There are two main ways. The first is through deposit methods like Apple and Android Pay which are linked to the phone user’s bank account and the second is through Direct Carrier Billing (DCB). This is a method favored by other organizations, especially charities, which allows the user to pay an amount which is then debited from their mobile phone account.
A growing number of casinos are also starting to accept Bitcoin and other cryptocurrencies as payment methods – although there are still many doubts as to whether this will become more common. It is certainly true that none of the major online casinos will be accepting crypto payments at this time. If currencies become more established and are welcomed into the mainstream, there is no reason that this should not change in the future. In favor of cryptocurrencies, the blockchain technology behind them secures transactions while being faster than traditional banks, so we’ll see.
Above all, online casinos know that being 100% safe and secure for their players is the most important thing for them. Because, if a casino does not meet these expected standards, confidence will go away, closely followed by their players who will start playing elsewhere.