These days, there’s not much that we don’t do online… and that includes buying services and goods and making all sorts of financial transactions.
Because of this, there are obvious concerns about the safety of those transactions – with people looking to find the safest and most secure ways to spend their money.
Electronic wallets – or eWallets (such as Neteller, Skrill and PayPal), are increasingly popular in all different industries, particularly in the world of online casinos because these are considered to be the safest ways to play online.
Basically, if a casino accepts eWallets, it’s normally a sign that it’s reliable.
But that leads to the question… exactly how secure are they? Well, here we’ll take a look at exactly how safe and secure they actually are.
What Are eWallets?
An eWallet is basically a software-based system that stores your payment information and passwords for your various payment methods and websites online safely.
You’ll then be able to manage your money and payment methods through a mobile app and/or your desktop.
Some of the most popular options are PayPal, Skrill, Neteller, Apple Pay, Google Wallet, and Samsung Pay.
Most Recommended E-Wallets
There are many different e-wallets out there that are better tailored to certain solutions.
For example, if you are sending money to friends or family, I would personally say PayPal is the easiest and best way to do so.
However, if you’re making a payment to an online platform, then I would suggest using something like Paysafe.
They are extremely secure and efficient to use.
They are very popular on gaming sites, in fact, you can find a list of Paysafe casinos here where you can play your favourite casino games online and not have to worry about your personal and banking information being leaked.
Security Features of eWallets
So, what is it that makes them so secure?
● Encryption: One of the reasons they are so secure is that eWallets use the most high-end encryption to protect your information when making a transaction – meaning that even if this data is intercepted by a third party, it can’t be read.
● Two-Factor Authentication (2FA): Most eWallets also let you enable two-factor authentication on your eWallet account as an extra layer of security. So, as well as having to enter a password, you’ll also need to identify yourself in another way, such as a code sent to your mobile.
● Tokenization: When you make a transaction using an eWallet, your actual payment information (i.e. your debit card number) won’t be shared with the site on which you’re making the transaction. Instead, a unique token will be generated for the transaction, which means there’s less risk of your data being compromised.
● Biometric Authentication: Lots of eWallets also use biometric authentication methods now, such as fingerprint or facial recognition, to make sure that you – and only you – can access your account.
● Fraud Detection Systems: eWallets also use special algorithms to look out for any unusual or suspicious activity.
It will be flagged, and you’ll be notified and they might even temporarily freeze your account until you’ve verified the transaction yourself.
The Potential Risks
That being said, like any way to pay online, it isn’t completely risk-free, and there are some potential risks you need to be aware of.
Phishing
First, you need to think about phishing – which is how cybercriminals try to trick you into giving away your login details.
You’ll need to look out for emails or messages that look like they’re from the eWallet service, asking you to click on a link and/or enter your information on a fake website.
Never click on a link from an email!
Malware
You’ll also need to make sure that your device isn’t infected with malware, as this can compromise the security of your eWallet.
For example, there are keyloggers that can capture your password as it is typed, along with various other forms of malware that can compromise your private online information.
Lost Phones
Because most people access their eWallet account from their phone, if you lose your phone (or even worse, it’s stolen) and it falls into the wrong hands, there is the risk that if it isn’t properly secured, an unauthorised individual could potentially access your eWallet.
Keeping Your eWallet as Safe as Possible
However, if you do stay on top of things, there’s no denying that eWallets are certainly super safe – and a great option for paying online.
So, here are some top tips for keeping your eWallet as secure as possible:
1. Choose a Strong Password: Pick a strong, unique password for your eWallet and change it regularly – and try not to keep using the same password for lots of different sites.
2. Enable 2FA: Always enable two-factor authentication where possible so that there’s that added layer of security to your account.
3. Make Sure You Update Your Software: Make sure that your phone’s operating system and the eWallet app are kept fully up to date.
4. Don’t Use Public Wi-Fi: You shouldn’t use your eWallet if you’re connected to a public Wi-Fi network. If you have to use public Wi-Fi, you might want to use a VPN for security.
5. Check Your Account: You should keep checking your account to make sure that you recognise all of the transactions made. If you do see anything you aren’t sure of, then report it ASAP.
6. Use Biometric Authentication: If you’re given the option, use biometric authentication – like facial recognition or a fingerprint to access your eWallet, as these are even more secure than passwords.
7. Be Aware: You should never engage with any email or message that asks you to click a link or give away any of your login details. If you do think there may be a need to contact them, go directly to them through their website.
Conclusion
Ultimately, if you’re looking for a safe way to make transactions online, you can’t go far wrong with eWallets.
However, make sure you do your due diligence, put into place all your own safeguards and be savvy!
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