Betting provider data security – How is Bettors’ data protected?
While most industries are concerned about their websites’ online security, none is more concerned than the online gambling industry with protecting their customers. Since the first casino websites appeared on the internet more than two decades ago, protecting punters and, indeed, the casinos themselves from fraud has been a top priority. With hackers’ and cybercriminals’ techniques becoming more sophisticated, it’s no surprise that online gambling sites are implementing cutting-edge security systems.
Table of content:
- Betting provider data security – How is Bettors’ data protected?
- How does the online gambling industry safeguard itself against cybercrime?
- Secure payment Systems
- Future Cybersecurity Trends in Betting
- The Influence of Virtual Payments and Currencies
How does the online gambling industry safeguard itself against cybercrime?
The good news for those who enjoy online gambling is that, compared to many other industries, online casinos have an excellent track record in preventing loss due to cybercrime. To obtain an operating license, betting sites must meet several requirements. One of the most important is demonstrating how they maintain high-security levels on their website. Online betting sites use 128-bit encryption, which is theoretically unbreakable, in addition to remote backups of customer data and information. This means that even if a site is hacked and taken offline, all essential data will be safe.
Secure payment Systems
Reputable online betting sites only use highly secure payment systems to process players’ funds. This means that when accepting credit or debit card payments, they use the 3D Secure system. They also use highly secure online e-Wallets such as Skrill and Neteller, which have additional security levels for the players’ peace of mind and the protection of those who run the online casinos and betting sites. Some betting sites are now accepting cryptocurrencies due to customer demand and the high-security level they provide for both the site and the user.
Future Cybersecurity Trends in Betting
To ensure maximum security, the online betting industry invests a significant amount of time and money in adapting to the most recent technological advances and advances in cybersecurity. They also invest heavily in ensuring that networks remain secure in the long run. This is no small accomplishment for online betting because it is constantly changing, with mobile gambling posing new challenges and newer SMS-based depositing methods raising security concerns. Online casinos, in theory, are ideal for money laundering, so the battle is far from over. Nonetheless, by staying current on the latest trends, online gambling sites can effectively manage the risks posed by even the savviest cybercriminals. This is supported by the absence of significant hacking attacks on online casinos and sports betting websites over the last two decades. As a result, it appears that the online betting industry will continue to outperform the competition in terms of cybersecurity for the foreseeable future.
The Influence of Virtual Payments and Currencies
Furthermore, the recent rise of cryptocurrencies is expected to fuel the online gambling & betting market’s growth. Because of their advantages over traditional funding methods and the demand for anonymous payments, cryptocurrency has grown in popularity, resulting in the development of virtual payment systems and virtual currencies that enable anonymous payments. Gambling with cryptocurrencies does not require legalization because no real money is used.
The first cryptocurrency to be accepted by online gambling platforms as payment is Bitcoin. At the start of 2017, the total value of cryptocurrencies was around USD 17.7 billion, and it is expected to rise over the next five years. The rise of cryptocurrencies and virtual payment services, as well as the rise of online gambling, have all enticed cybercriminals to launder money obtained illegally and route it through various cryptocurrencies and digital payment services. As a result, online casinos and betting websites can be used to launder money and finance terrorism.
Assume that offenders use online casinos that do not keep records or are located in countries with no money-laundering legislation during the laying phase. In that case, law enforcement agencies will have a difficult time tracing the funds. Regulating the use and activities of online casinos and betting websites is difficult in countries where gambling is prohibited.
