How to protect yourself when using payment methods in iGaming

There are many ways to protect yourself when using payment methods on iGaming.

Whether you top up your casino account with bank transfer, use crypto or one of those colorful and funky e-wallets, one thing you should never compromise on is your security.

Online payments are a sensitive business, and according to Statista, in 2021, e-commerce losses from online payment fraud were estimated at 20 billion. Remember, Statista only mentions e-commerce. The total number is probably significantly higher.

So what can you do when playing at a casino to ensure you stay on the correct side of the road? We asked Gilfred Helmonsen (read his biography here), a huge gamer and editor-in-chief at one of Scandinavia’s largest game review sites.

1. Find a regulated casino

“Gaming is fun, but it can also be dangerous if you sign up with operators that aren’t properly licensed,” says Helmonsen, “By joining an unregulated casino site, you’re essentially giving them an open hand to handle your money like they like it, even if it means spending it to run their business. On regulated sites, the money deposited must be kept in a separate account!”

2. Use regulated payment methods

Our specialist explains that today, payment methods appear like mushrooms after rain, leaving players confused and impressed by the wrong things. One of the best moves one can make to stay safe is to trust reputable and authorized payment providers. Such companies will always have a seal of approval provided by local governments or regulatory bodies in other countries.

“If a payment method is approved by the UK authorities, it’s pretty safe to say that it can be used no matter where you live. In any case, if it is approved by the national bank of your country, or another financial authority in your locality, you will be even safer”, says the specialist.

3. Start small

If you are not sure if a casino is good and reliable, make the smallest payout possible to give it a run for the money. It’s easy to deposit more, but it can’t be that hard to withdraw money you haven’t used to play.

4. Be discreet with your payments

“Sometimes people act like they have no idea what money is or how the internet works,” reveals Helmonsen, “By that I mean handling payments on the bus or yelling your PIN code at your girlfriend, so that everything the bar can hear. And don’t let me even start with people bragging about how much money they’ve earned or deposited. They handle your payment information on a silver platter for everyone to use! ”

If possible, make deposits and other payments only in the comfort of your own home. Also, keep your mouth shut about how much you win or lose and where you play. Secrecy is the best policy.

5. Use common sense

“I never thought I would have to say this, but here we are,” jokes Helmonsen, continuing: “Be aware of your limitations and your knowledge. If you’re not sure what cryptocurrencies are and how they work, don’t force them. If you have no idea what a good casino looks like, read the reviews of those who do.”

Now, more than ever, it’s easy to find casino review sites full of helpful content and guides, not only about casinos, but also about games and different payment methods. They normally use the same sets of standards for all methods and casinos, so it’s quite easy to compare them.

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