About two decades ago, many people were still carrying around checks and cash and even went to banks whenever they wanted to withdraw or deposit money. However, the emergence of technology has impacted the banking industry. We now have multiple online payment providers that have eliminated the hassle of making financial transactions.
One such provider is Skrill. In this article, you will learn how the payment platform works and whether it is safe to use.
How Skrill Works
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Previously known as Moneybookers, Skill was founded in the early 2000s, becoming the first online payment provider in the UK. In the following years, Skrill rose to become the most used platform across Europe. It was later purchased by Paysafe, the company behind digital wallet Neteller.
As of September, Skrill has a presence in over 200 countries. However, users in some countries are restricted from accessing some Skrill services due to regulations. Nonetheless, all users can receive and send money, make deposits, and make online payments through Skrill.
So, what differentiates Skrill from other online payment providers? Firstly, unlike many of its competitors, Skrill allows its users to buy cryptocurrencies. Secondly, the payment method is accepted by several online poker rooms, bookmakers, and casinos. Finally, Skrill rewards loyal customers. Therefore, if you use it daily, you stand a chance of accumulating free money.
In terms of how Skrill works, it functions similarly to most payment providers like PayPal. You just need to create an account and link it with your bank account or credit card. This process takes only a few minutes. All transactions on Skrill are settled almost instantly.
How Secure is Skrill? Can You Trust It With Your Money?
Ease of use, reliability, and speed are important aspects to consider when choosing an online payment provider. Skrill boasts all these characteristics. And the fact that it supports crypto trading, it is a perfect payment method for people who wish to enter the digital asset ecosystem. However, none of this matters if Skill does not assure users of security. So, is the platform safe?
Firstly, Skrill is a legitimate company, having been registered with the Financial Conduct Authority, a top-tier financial regulator in the United Kingdom. In other words, your funds are safe with Skrill. You do not have to worry about the online payment provider running away with your money since it is regulated.
In terms of cybersecurity, Skrill employs several layers of protection to safeguard user funds. All transactions on the platform are secured with the SSL (Secure Socket Layer) technology. Skrill also uses 128-bit encryption, ensuring unauthorized parties don’t access sensitive user data.
Moreover, to minimize the risk of unauthorized access to your account, Skrill has adopted effective access control and verification mechanisms. The payment platform usually asks you to create a strong, unique password and select an authentication method before giving you access to your account. You can use your biometric data or two-factor authentication to log into your account.
As a Skrill user, you are required to verify your account by providing a government-issued document, such as your ID card. This is part of the Know-Your-Customer process, which helps to curb financial fraud like money laundering. Skrill also has an anti-fraud monitoring system for detecting unusual activities on the platform. In the event an illegal activity is identified, the payment provider usually pauses transactions involving the accounts in question.
Skrill has explained in detail its privacy policy. Go through it to understand what the online payment provider does with the data it collects from users. Moreover, Skrill holds licenses from the General Data Protection Regulation and the California Consumer Privacy Act.
Final Thoughts
It is clear that Skrill prioritizes user safety. The encryption and verification mechanisms employed ensure no third party accesses customers’ accounts, guaranteeing the safety of their funds. And finally, as a regulated payments processor, Skrill assures clients that it does not intend to steal their money, thus giving them peace of mind.