Banking Technology For Online Casinos In Canada
Making electronic financial transactions in online casinos in Canada can only take place via trusted systems. While both the casino customer and the casino operator will want to be sure all debits and credits are handled promptly and accurately, both these parties will also want to be sure that transaction information is not visible to any unauthorised person. In fact, the online casino operator is also bound by data security legislation to guarantee that a customer’s right to privacy is maintained at all times.
Data encryption using SSL (Secure Socket Layer) technology is the go-to method for keeping personal and financial information safe online. The data encryption process scrambles all the details of any financial transaction. That means if the information should ever happen to fall into the wrong hands, all the unauthorised viewers would see is a stream of meaningless text and symbols. It’s only when the data arrives at its intended destination that it can be ‘decrypted’ and read by the intended recipient. All reputable providers of financial services use data encryption for online banking, as indeed do all reputable Canada online casinos.
Debit and credit cards
Credit Card: This is a card made from toughened plastic which permits the owner to spend money on purchases and to access credit funds. Credit cards are often linked to various reward schemes. Consumers must usually apply to a bank, building society, or some other kind of credit-lending institution in order to receive a credit card. Credit card balances must be repaid in monthly instalments.
Debit Card: A debit card is also fashioned from durable plastic, and can be used for the same kind of spending as a credit card. However, the vital difference is that any debit card will always be directly linked to a bank account, and the details of the bank account associated with the card are often printed on the debit card itself. Whenever payments are made via a debit card, the money will always be transferred directly from the specified account. And if you are due to receive credit funds, many organisations can use the debit card to quickly credit your account. Many consumers find this a secure and convenient method of making financial transactions.
E-wallets
An e-wallet, sometimes called a digital wallet, is either an electronic device or a software service consumers can use to make different kinds of electronic transactions online. Thus it can be used in an online casino to make or receive payments in a way which is more secure than cash payments, for example. In addition, an e-wallet makes it very easy to keep track of your financial transactions. Many digital wallets can also store your important personal information such as a driving license, banking details, ID information and other vital personal data. And one advantage of an e-wallet is that you can not only keep such vital information secure, it is also easy to access when required – e.g. to verify your identity or to make secure money transfers via the Internet. Many other financial instruments you use – such as debit or credit cards – can often be linked to your digital wallet.
Direct bank transfers
A bank transfer is an easy method of sending money from one bank account into another. This transfer service is usually very quick (often immediate) and there are no special charges. It can also be far more convenient and safer than drawing money from a bank account in order to make a cash payment. This method can be conducted online, over the telephone, or in person at your bank.
Prepaid cards
Sometimes also called an instant debit card, a prepaid card which will allow you to make purchases and other financial transactions – but only up to the amount of money you have pre-loaded onto the card. Your card won’t function once your funds are spent, but you can usually load the card with more spending funds at any time. Not every type of commercial venue will be able to accept prepaid cards, only those traders who are already part of the banking network issuing the card – e.g. Visa or Mastercard.
Online banking tips
As a consumer, there are some extra things you can do personally to keep your Canadian online banking as secure as possible:
– use your private home Wi-Fi in preference to public Wi-Fi hotspots. It will always be more secure.
– always keep your own anti-virus software right up to date.
– only use online casinos and other organisations with an ‘https’ web address. That means their website uses data encryption.
– use secure, hack-proof passwords, change them from time to time, and never disclose them to anyone.
– request text or e-mail alerts about your account transactions. You will then be advised whenever there is activity on your account.