Do Not Resuscitate– Are Passwords in a Critical Condition?
Bill Gates declared the end of passwords in 2004. Every year since then, financial industry analysts have predicted this will be the last year of passwords. However, passwords are still very important for financial security– especially in Canada. Here's the lowdown on passwords, and whether or not they are here to stay.
Do I Need A Password To Make Digital Payments?
Not all electronic payments require a password. Credit cards and debit cards often do not. However, it’s common for cards to require a PIN number for purchases above a certain amount. However, most online payment applications like PayPal require a password to create an account.
Once you have created your PayPal account, the service offers additional security features. These include:
● In-App Biometric Authentication - Once the account is set up, users can access Biometric Authentication through the Paypal app.
● TLS Connection - Paypal makes sure to make connections using Transport Layer Security so hackers can’t steal important information.
● One-Time Security Keys - an easy additional layer of security. Upon logging in, Paypal sends a One-Time Pin to enter.
● Fraud Monitoring Service - Paypal monitors transactions to detect suspicious activity.
● Key Pinning - This uses the user’s mobile device to secure a TLS connection.
● Data Encryption - Paypal codes user data so fraudsters cannot intercept it.
● Email Payment Confirmation - Users receive an email for every purchase, so they can check for purchases they did not make.
Because Paypal takes extra steps to secure user data, it’s one of the most preferred online casino payment methods among avid online gamblers. PayPal makes secure payments easily. You need a password to start, but then you can use biometrics as a form of authentication.
What Secure Online Payment Method is Best For Casinos?
If you want to play in online casinos, there are a lot of payment options available. Here is a list of various payment methods for online casinos.
Bear in mind that because these casinos are online, you can access casinos from countries all over the world. One of the top destinations for online gambling happens to be Canada, so there are a few bonus tips for secure gambling there.
E-wallets
In addition to the aforementioned Paypal, there are many other e-wallets that let you send and receive digital payments. Some of the most popular e-wallets for Canadian online casinos include:
● Skrill
● ecoPayz
● Jetton
E-wallets are one of the most popular depositing methods in Canadian online casinos because they offer a great balance of speed and security. Some other payment methods can take up to five business days to go through. E-wallet transactions are secure and typically only take a few minutes.
Cards
E-wallets and cards are both contenders for the most popular online payment for casinos. Just like e-wallets, they offer a good balance of speed and security.
Credit and debit cards are especially popular among international players using a VPN because some cards like Visa and Mastercard are available worldwide. They are also among the oldest and most well-established forms of digital payment.
Credit cards have an extra layer of fraud protection because it does not take money directly from the user’s account. Instead, it creates a bill to pay later. This can easily be canceled if the cardholder can prove it’s a fraudulent charge.
Prepaid Cards
In addition to regular debit and credit cards, some gamblers like to use prepaid cards. Some prefer to use them as a method of budgeting. They also offer unique security features.
One of the most popular prepaid cards, Neoshark, is one of the most secure digital payment methods available. Neoshark users do not need to share personal details to send and receive money. Instead, users simply must buy a voucher. This is one of the few methods that does not require gamblers to share their online banking data.
Cryptocurrency
For the ultimate in security, you cannot get more secure than crypto. It is the only decentralized digital payment method available. Because it lacks traceability, many gamblers like to use it.
Final Thoughts
There are many great secure ways to make payments. Online casinos happen to be great places to research secure payment methods. Most of these require a password to set up an account, but then offer extra layers of online security to make payments.
For a side-by-side comparison of various digital payment methods, you’ll need to do a bit of research. Fortunately, sites like The Digital Banking Club show data, which streamlines the process.
At the moment, passwords are alive and well. Still, there are many security measures that modern digital payment companies take to keep you safe.