Stay safe with secure payment providers

Stay safe with secure payment providers

New technology means the range of payment options when it comes to online betting are more extensive than ever - but so are the security threats.

Using trusted payment providers is vital for the safety of operators and players, reducing the risk of fraudulent transactions which can damage a company’s reputation and prove costly for all parties.

Altenar’s Player Account Management platform provides peace of mind for operators, with our turnkey sportsbook and casino offering a comprehensive range of payment options geared towards the market in which you operate.

To highlight the importance of online security, Altenar Product Manager Liliia Alenina answers some of the key questions when it comes to payment providers.

What are the main factors that online iGaming operators should consider when integrating payment providers?

• Payment gateway. Payment providers should have a secure payment gateway using HTTPS protocol for data transmission between the operator website, payment processing centre and banks.

• Payment processing. Payment providers should have secure policies for processing the transactions, notifying the player account about transaction status. It is preferred that payment providers restrict the access to their system by the server IPs, preventing unknown traffic reaching the payment provider.

• Payment provider safety and security. Operators should check payment providers have obtained certifications, as well as their ongoing certification strategy. Some of the commonly known certifications are: 

Along with the obtained certifications, it is important to make sure the provider has all the processes in place in order to stay compliant.

• Fraud detection and prevention. Payment providers should have internal processes for continuous monitoring, analysis and prevention of fraudulent patterns using machine learning algorithms. 

• Currency conversion. For businesses that operate with multiple currencies, it is important to make sure the payment provider accepts them or performs relevant currency conversions in order to process the currencies they do not support.

• Reporting and analytics. Payment providers should have a comprehensive reporting and analytics tool for the operator to be able to analyse player behaviour, statistics, devices, etc. This can help to boost site traffic and protect players from gambling addiction. Real-time monitoring systems with instant alerts can help an operator to switch the payment activity to another provider in case of a technical, compliance or any other type of malfunction.

• Available services from the payment provider. Payment providers should offer 24/7 support in order to solve any issues promptly, as well as operational and customer support during working hours to help operators with the payment option selections (in case of an aggregator), possible variants for payment method usages, industry trends adoption, deep fraud investigations, etc.

How has the range of different payment options changed in recent years and what challenges does that present for operators?

In recent years, the Fintech industry has been rapidly evolving alongside technological progress, making it easier and more convenient for players to make payments globally.

This, however, brings new challenges for the operators, including the following:

• Selection challenge. Among a huge variety of payment providers it is difficult for an operator to find and choose the one that suits their business needs and expectations the most.

• Trusted payment providers can be selective. Strong competition in the industry leads to trusted payment providers selecting the businesses they work with based on their size, ability to pay minimum fees, minimum ongoing traffic and more. This can be very challenging for start-up operators, who may find the costs prohibitive. This may lead to partnering with less preferable payment options, resulting in unwanted and disruptive compliance or fraud issues, financial losses or even bankruptcy, and player dissatisfaction.

• Keeping up with industry trends. As payment options and the user experience are constantly evolving, it can be very challenging for operators to keep up with the latest trends. For an operator seeking a new payment option, it usually means signing a new contract and going through the whole integration process again, which can take up to 2-3 months.

How can players be sure that the payment providers they are using on betting and casino websites are secure?

For players it can be very challenging to even understand which payment vendor they are actually using, as often they see only the payment method logo, which does not always mean this is the direct vendor, but instead there can be a chain of payment processing companies involved.

Unless there is information on the betting/casino website available in the terms and conditions, privacy policy or footer section about which payment vendor is being used, players can check the browser payment gateway URLs during the payment processing - there can be the company identification embedded. Players can also contact the operator support service in order to make it clear which payment vendor is being used on the website.

After the payment vendor information is revealed, players can check the website in terms of the defined privacy policies and their transparency in order to understand how the data is collected, used and protected. Players can always contact the payment provider support in order to learn more about their security and privacy policies. Additionally, players can read the feedback on trusted websites to have more insight about the level of provider security and privacy protection.

On a practical matter, players should always check that all the payment gateway URLs are using Secure Sockets Layer (SSL) certificates (HTTPS protocol), which authenticates the identity of the website and enables encrypted data transferring.

How can players help to keep their data and personal details safe when making payments to iGaming operators?

• Multi-factor authentication options. Players should enable multi-factor authentication options for the payment methods used, if applicable. Multi-factor authentication options usually include personal verification based on email address, phone number or a code generated on the player’s phone.

• Secure devices. Players should secure their devices with passwords, face ID, touch ID, etc, so that it is harder to access by unauthorised users.

• Update all software. Fraudsters take advantage of the flaws and bugs identified in software. With software updates, providers aim to eliminate these issues so it is important for the player to keep all software updated at all times.

• Only provide minimum vital data. Players should provide the minimum vital data needed in order to complete the payment. There is no reason to provide extra, optional information, which theoretically can be used for identifying the player.
• Read data privacy policy. Players should be familiar with the operator’s privacy policy and it should comply with player standards and general understanding of the secure processes.

• Check the links in email and text messages. If a player receives a fraudulent email or SMS with fake payment processing links, it is very important not to follow them unless the player makes totally sure the sender is valid and known. If in doubt, contact the operator or payment provider support. Players following malicious links allows fraudsters to gain access to player devices and personal data can be leaked.
• Stay aware of new fraud tactics. It is fully in the hands of players to stay alert and be aware of the new methods that fraudsters are using.

How important is it that operators offer a wide range of payment and currency options?

• Flexibility. A variety of payment options and currencies provides flexibility for a player to choose the most suitable payment option, keeping them loyal to the operator.

• Accessibility. Various payment options in different currencies makes the operator accessible to players from different markets, thus widening the operator’s presence worldwide.

• Risk mitigation. Transactions can fail for various reasons e.g. compliance restriction, DDoS attack. Providing a wide selection of payment options and currencies makes it more likely that the player is able to make a transaction, boosting player loyalty.

• Competitive advantage. Operators providing a variety of payment options can easily differentiate themselves in the market and make themselves more appealing to players.

• Customer trust. Suggesting payment options that are familiar to players makes them more loyal to the operator brand, improving overall satisfaction.

What are the risks to operators who do not comply with current regulations in their market?

There are two major risks for operators in case they do not comply with their market regulation:

• Regulatory fines and penalties. Being non-compliant with the regulation can be unnoticed for some time before being revealed by a regulation audit or a player contacting the regulator over a payment issue. This may result in regulatory fines and penalties, and can prove fatal for the operator’s business. 

• Fraudsters attack, chargebacks, data breaches, operational failures, financial losses. Regulatory compliance targets the prevention of these unwanted scenarios, protecting both players and operators, and allowing the iGaming industry to prosper.

How does Altenar’s service help operators provide the best solution to their customers?

• As Altenar is ISO/IEC 27001 certified, it is our responsibility to ensure third-party providers we are partnering with meet the required standards as well. Our security team scans every provider in terms of the privacy policies used and their integration documents before any technical integration can start. In case the provider does not meet ISO/IEC 27001 standards, we advise the provider on the improvements needed and wait until they are fully implemented.
• While continuously integrating new payment options, Altenar already has a wide selection of payment options, including payment aggregators (e.g APCO, Praxis), cryptocurrency payment options (e.g Coinspaid, Hipay), mobile application payments and many more to choose from.
• Altenar provides legal and compliance support, making sure our operators get the required solutions as fast as possible and with a high level of quality. We make sure the payment options we provide are always compliant with the relevant licensing requirements.
• Altenar provides 24/7 customer and technical support, ensuring our operators do not experience any downtime in their payment transactions and business in general.

To learn more about the many benefits of Altenar’s turnkey sportsbook and PAM, come and discuss your needs at ICE 2025 in Barcelona on January 20-22. Book a meeting with our team!