How to protect yourself when using payment methods in iGaming

There are many ways you can protect yourself when using payment methods in iGaming.

Whether you top up your account at a casino with bank transfer, use cryptos, or one of those colourful and funky e-wallets, there is one thing you should never compromise on – your safety.

Online payments are a delicate matter, and according to Statista in 2021, e-commerce losses to online payment fraud were estimated at 20 billion. Remember, it’s only e-commerce Statista is mentioning. The total number is probably significantly higher.

So, what can one do when playing at a casino, to make sure they stay on the right side of the street? We asked Gilfred Helmonsen (read his bio here), a hard-core gaming aficionado, and editor-in-chief on one of the biggest gaming review sites in Scandinavia.

1.   Find a Regulated Casino

“Gaming is fun, but it can also be dangerous if you sign up with operators that don’t have a proper license”, says Helmonsen, “By joining an unregulated casino site, you are basically giving them open hands to handle your money as they like, even if it means spending it to run their business. On regulated sites, the deposited money must be kept on a separate account!”

2.   Use Regulated Payment Methods

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

“If a payment method is approved by the authorities in the UK, it is fairly safe to say it can be used no matter where you live. Regardless, if it is approved by the national bank in your country, or other financial authority in your location, you’ll be even safer”, says the specialist.

3.   Start Small

If you are not sure a casino is good and reliable, make the smallest payment possible to give it a run for the money. It is easy to deposit more, but it can’t be quite complicated to withdraw the money you haven’t used for gaming.

4.   Be Discreet About Your Payments

“People are sometimes acting as if 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 to your girlfriend, so the entire bar can hear. And don’t let me even start about people bragging about how much money they’ve won or deposited. They handle their payment information on a silver platter for everyone and anyone to use! ”

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

5.   Use Common Sense

“I never thought I’ll have to say this, but here we are”, jokes Helmonsen and continues, “Be aware of your limitations, and your knowledge. If you are not sure what cryptos are and how they work, don’t force using them. If you have no clue what a good casino looks like, read reviews by those who do.”

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

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How to protect yourself when using payment methods in iGaming