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Are Online Casinos Just as Safe as Online Banks?

The internet provides a plethora of exciting, entertaining, and helpful tools and resources for all. From educational videos to the means to share pictures with relatives or send money to a friend in need on the other side of the world.

In opposition, the online realm has its downfalls. For instance, cybercrime poses a real threat to companies and their customers. As such, security measures for any business operating online that manages customer credentials and transactions are necessary.

The scale of security used for each establishment varies depending on the sector, level of expected risk, and relevant government regulations. Institutions such as banks and building societies, much like online casinos, are legally obligated by different regulatory bodies to ensure customers’ safety is at the forefront of their operations. As such, both online gambling and banking realms are continually evolving their online processes to prevent cybercriminals from accessing customers’ details.

For a better idea of the similarities and differences between online banking and online casino security measures. Here is a brief overview.

Online casino security measures

Trusted regulatory bodies

Much like banks, digital casinos are also required by regulatory bodies and the law to protect and preserve a customer’s data and provide a fair and safe service. For instance, in New Jersey, online casinos must acquire permits from the Division of Gaming Enforcement (DGE). Whereas in England, the UK Gambling Commission is responsible for monitoring remote gambling activities.

A casino’s regulations it adheres to depends on the country and state it’s situated in. The licensing body responsible for overseeing gambling providers will conduct audits and checks to ensure it operates securely and legally. For example, in Canada, it is legal for citizens to play casino games online however the online casino must be registered outside of Canada for the site to be legal.

Trustworthy payment options

Online casinos use reputable and safe credit, debit, and e-wallet methods to give players a plethora of reputable payment methods they can use and trust. Eradicating the potential of a hacker gaining access to their banking details.

Online casino sites use secure payment options such as debit and credit card providers as well as e-payment platforms like PayPal.

Customer service

Excellent customer service from an online casino indicates a reliable gambling provider the player can trust. If the online casino in question is contactable either by email, phone, social media, chat boxes, and so forth then it is likely they are a reliable gaming provider as customer service agents are on hand to discuss and resolve any customer issues with an account or transaction.

Identity check

Some online casinos are required to request identification to clarify an account belongs to the person applying. This prevents the risk of fraud and confirms that the participant applying is old enough to gamble.

Authentication

Each online casino website provides a secure login page for users to enter their details and access their private accounts. Some provide multi-factor authentication for enhanced safety.

Banking security measures

Banks are legally responsible for preserving and protecting customer data from entering the wrong hands.

Below are details of how they do it. Most are similar to how online casinos operate.

Authentication

Digital banking providers use authentication, such as passwords, voice recognition, and so forth, to clarify the right person is accessing an account. The authentication process is often complicated, requiring two sometimes multiple-factor authentications before a customer can access their account.

Online banks have a variety of ways to help identify the person accessing the account is the account holder.

Statements and audits

The bank preserves a trail of transactions for each customer to view in their statements. Moreover, banks keep an audit trail to show the transaction history and communication the bank has had with the customer. The data is archived in case it needs to be recalled for future reference.

Secure IT infrastructure

Data is stored and encrypted to prevent hackers from gaining access or unravelling customers’ data contents. Access to such information is held in production systems and restricted to a limited number of banking staff.

Updates & communication

Banks stay active in informing customers of new security protocols and changes that enhance data protection. Moreover, suppose there’s suspicious activity on a bank account. In that case, the bank will contact the account owner to alert them and ask the owner if they would like to cancel or permit a transaction.

Are the security measures in place similar?

As highlighted above, online casinos incorporate multiple security measures, like online banks, to improve safety online.

Safe, fair gaming is what keeps gambling institutions on the right side of the law and regulatory bodies. While also giving customers the confidence to pay and play with a particular gambling company.

From government scrutiny to a willingness to maintain an excellent reputation, gambling companies such as 888casino continuously change their security measures and adapt, just like online banking providers. To ensure they offer safe, secure, and fair gaming for all.

 

Staff Writer at CPO Magazine