Many players worry about the safety of their funds while depositing and playing at an online casino, but this is completely unfounded. Your funds are always kept safe, thanks to both safe processes for the deposits themselves, and to the safety measures while the casino is holding the funds for you. This way you can safely play – with no risk of foul play.
The exact security measures in place to secure your deposits depends on the payment method you choose. The one that might appear as the safest option for many players is a wire transfer, as it is your bank that handles these, and hence they are also the ones responsible for the transaction. The only way for someone to intercept this payment or your funds is if they have access to your bank account, and if that happens you have more to worry about than just your casino deposit. It is highlight unlikely that this will happen. The security at Canadian banks are very high as they use encryption which is supposed to be unbreakable.
The same kind of encryption, which is usually a 128-bit SSL (Secure Sockets Layer) encryption, is considered the safest way to encrypt anything, and not only used by banks. It’s also used by most e-wallets, and the casinos themselves to protect you, your money and your personal details. This means that deposits through e-wallets and other payment methods are just as safe as a wire transfer. To make sure that this is something your casino is using just have a look at the footer of the website, where they most often have the logo, or under the “Security” section of the FAQ or their Terms & Conditions.
When you use an e-wallet or a wire transfer to deposit into your casino account it’s all about the encryption, but when it comes to deposits made with a credit or debit card there is another logo you should be on the lookout for, and that’s the PCI DSS logo. PCI DSS stands for Payment Card Industry Data Security Standard, and this is something the card payment industry has come up with themselves, to secure your card details and payment information while using your debit or credit card online.
If an online casino, or any other merchant online, has the logo for PCI DSS displayed on their site, or you see this during the payment process, it means that they are compliant with the security measures the card industry themselves has set for processing a secure transaction. This, inturn, means that your card information is not vulnerable to the risk of getting stolen, as no one can access this information. If your card issuer has also enabled 3D Secure or Verified by VISA you are extra safe, as that means having the card in question is not enough to authorize a payment, as also a personal code is necessary. Often casinos require this at least for the first deposit with a new card, to make sure the person using the card is, in fact, the owner of the card.
Often 3D Secure and Verified by VISA is something you can enable and disable yourself, so to stay extra safe online you should always make sure this is enabled. Also, some card issuers and banks allow you to set a location block on your card, so it cannot be used from abroad unless you enable it before you go travelling. This is always useful, as most card scams online are done from third world countries.
Not only does the transaction you make to a casino have to be safe and secure, but the money will also be kept safe once the casino has received the funds that you have deposited. This is done by all casinos having a separate account only for deposits. Even though you can see your balance going up and down while you are playing it doesn’t mean that there is a separate transaction done for each bet you place, and for each win you get, as the full amount of your deposit is kept in a bank account. Here the whole deposit stays until you have either lost it or requested a withdrawal of your winnings. This ensures that the casino has your money and that they don’t spend it on other things, like salaries for their employees, rent or any other kind of bills a casino might have.
As long as you have money in your casino account these funds are secured, as this is a requirement for the casino to get and keep their gambling licence. One of the whole points of this is that if the casino were to shut down, or go bankrupt, or just lose their licence, you will still be able to access the funds you have on your casino account. This is something that the gambling authorities are responsible for, and if the casino were to close its virtual doors you can claim any outstanding balance back from the licensing authorities. In other words; you money is completely safe while held by the casino, as it’s in a secure account.