As online purchases soar, we need to be even more cautious of our online payments. We spoke with Neteller to get their top tips and find out how their service works and ask; how safe is it? Can your Neteller account get hacked? And what can you do to increase your safety?
A Brief Overview of Neteller
Neteller is an online payment company founded in 1999. It provides its services globally and supports 15 major languages. Although it works with a multitude of merchants, Neteller has a preference for gambling businesses and forex trading websites.
It originally from Canada; but it is now based in the UK. It’s owned and operated by the Paysafe Group—the company that also runs Skrill and Paysafe e-wallet transfer services.
In the usual style of e-wallets, Neteller lets you fund your account through cards, e-wallets or direct bank payments. Depending on where you live, you could also use cryptocurrencies and mobile payment providers.
Generally speaking, Neteller charges a 2.5% fee to upload money to your account. After that, it charges a 1.45% fee to send money or 4.49% if you deposited cash through Skrill, Qiwi, Neosurf or BitPay.
When it comes to withdrawals, Neteller charges $10 for direct bank transfers, 0% from merchant sites like casinos and $12.75 for Member Wire.
How safe is Neteller?
Neteller is a regulated financial company. It’s authorized by the Financial Conduct Authority (FCA)—an independent regulatory body for 58000 financial companies in the UK. The FCA has a set of safety requirements e-wallets like Neteller must have to acquire a license.
For example, SSL encryption and password authentication are necessary. The former helps protect your data while depositing, sending or withdrawing money from Neteller. On the other hand, a password helps limit account access.
The FCA also holds the powers to freeze money from financial companies or fine them when they violate user data or funds. As a result, Neteller is bound to treat your data and money with a high level of professionalism.
How safe is Neteller for Casino Payments?
When Neteller launched, its primary targets were online casinos in the US. By 2001, it was handling payments for 95% of all iGaming businesses. It later exited the US market after the George Bush administration banned online casinos.
However, Neteller never stopped with online casinos. In fact, it has been dominating the world’s iGaming market, often through fast, low-cost and highly secure transactions. In other words, Neteller is a trusted banking option. And you can use it fund your online casino account stress-free.
Read up on it here—how to deposit money to an online casino through Neteller. Also, find recommendations for the best Neteller betting websites, including how to claim welcome bonuses.
How to Stay Safe Online—Tips from Neteller
Although Neteller is a safe payment method, there’s only too much it can do. As such, you also play a role in protecting yourself. Use these helpful tips from Neteller to protect your data and finances when browsing the Internet:
Update Software and Browsers Regularly: Neteller recommends that you update your computer and smartphone’s operating software as often as possible. It might feel like Windows and Apple suggest software updates too much. But they are necessary.
Software and browser updates feature security patches that make your Neteller account less vulnerable. They also come with additional features that increase your experience—a VPN or a warning feature to alert you click on a potentially unsafe site.
Observe Standard Security Tips: Neteller puts it bluntly. “Use common sense whenever you can.” That can be interpreted to mean don’t share your passwords. Also, don’t visit websites you don’t trust or download files sent by strangers.
Instead, observe caution when browsing the Internet. Preferably, use a VPN to hide your IP address and an anti-malware tool for protection against viruses, phishing scams and ransomware.
Check your Records Regularly: Most people are guilty of this. They don’t check their transaction records unless it’s really important. Unfortunately, that exposes you to financial harm, because someone could steal money from your account repeatedly before you know it.
Security aside, checking your records can help you with budgeting. You can keep up with your expenses and income. Then you can figure out how to reduce unnecessary payments.
For clarity, Neteller suggests that you change your password immediately you suspect a breach to your account. Next up, contact the company’s support team to help trace and recover the money.
Transact Through Personal Devices: This habit is less common now that many people can afford smart devices. But still, to be clear, don’t log into your Neteller account through a public computer. If possible, also avoid transacting through a friend’s phone or laptop.
Google’s “save your password” feature could cost you if you use multiple devices. Someone could wipe out your account. And in such cases, Neteller might not help you.
Consider Two-FA: Two-Factor Authentication is a security feature that protects you even if someone gets hold of your Neteller password. It involves using your phone number or email account as an extra layer of protection.
So, before you login to your Neteller account, you must insert your password and a PIN code sent your phone number or email address. Two-FA is also helpful in recovering your account—because it’s hard for someone to breach both your Neteller and email account.
Cash out to your Bank Account: Neteller is supposed to help you send and receive money. It shouldn’t act as your second bank account. As such, only hold the necessary amount of money you need for a transaction and withdraw the rest to your bank account.
What’s more, replace your debit card with credit card for funding your Neteller account. That way, you never have to worry about someone withdrawing money from your bank account through Neteller.
Alternatively, place small limits for funding online accounts. As a result, you reduce your risk of losing a lot of money in case of a serious breach.