Is Skrill Safe? Can You Trust It With Your Money? - MUO - MakeUseOf

Less than two decades ago, most people still carried around cash and checks, and went to the bank whenever they needed to deposit or withdraw money.

The global shift towards digitization has made its impact on the banking sector, and we now have dozens of payment solutions to choose between. Skrill, formerly known as Moneybookers, is one of them. But how does Skrill work? Is it really safe and secure? Can you trust it with your money?

How Does Skrill Work?

Founded in 2001, Skrill (called Moneybookers at the time) was one of the first digital wallet providers in the United Kingdom. In the years that followed, it became one of the most popular digital payment solutions in Europe. In 2015, Skrill was acquired by Paysafe, which also owns Neteller.

Skrill is available in nearly 200 countries around the world, though the features and services may differ depending on where the user is based. But wherever you are, you can use Skrill to send and receive money (to and from a bank account, or another Skrill customer), make payments, deposit funds to various sites and platforms, and so on.

But here's what makes Skrill unique: unlike most similar services, it allows users to buy and trade cryptocurrencies. Plus, Skrill is accepted by most online casinos, poker rooms, and bookmakers. Skrill also has a loyalty rewards program, which is probably good news for people who'd use it daily.

Skrill operates similarly to other payment providers, such as Payoneer and PayPal. Signing up is very easy, and linking your credit card or bank account shouldn't take more than a few minutes. Transactions are usually instant as well. Skrill also has its own app, as well as a prepaid card (which is available only to residents of the United Kingdom and the European Economic Area).

Is Skrill Secure? Can You Trust Skrill?

Reliability, speed, and ease of use are all very important. And the fact that Skrill has no issue processing crypto and gambling-related transactions is definitely a bonus. But none of that would matter if Skrill weren't secure. So, is Skrill safe?

Skrill is perfectly legitimate, and so is its parent company, Paysafe. Since Skrill is based in the UK, it is regulated by the Financial Conduct Authority (FCA), a financial regulatory body. In other words, your money is safe with Skrill, almost like it would be with a regular bank.

But cybersecurity as such is a whole different matter. What is Skrill like on this front? For a start, Skrill protects all transactions with Secure Socket Layer (SSL) technology and 128-bit encryption, which ensures user data is not intercepted by third parties. Skrill has further implemented a variety of security measures to minimize the chances of unauthorized access and fraudulent activities.

All Skrill users have to verify their identity, which usually involves uploading a photo of a government-issued document. This is necessary not just because of regulations, but to prevent financial fraud and other similar forms of cyber crime. One has to provide additional documents for verification from time to time, which is typically a smooth and painless process.

Skrill has various anti-fraud monitoring systems in place. If any unusual activity is detected, the payment processor automatically pauses all transactions to and from the affected account. But for there to be unusual activity in the first place, a threat actor would have to access your account somehow—and that would not be an easy feat.

Skrill has really gone the extra mile when it comes to user account security, adopting rigorous verification and access control mechanisms. When signing up for the first time, you need to create an extra-strong password, and choose an authentication method; you can use your phone to verify your identity, or have Skrill ask you to put in a PIN code.

Another notable feature is the ability to designate up to five devices as "trusted." By doing so, a user can access their account safely without jumping through additional hoops. Similarly, you can also set up a list of trusted merchants and recipients, which should speed up the process of sending and receiving funds.

Skrill has a rather detailed and comprehensive privacy policy on the official website, so feel free to skim through it if you want to know exactly what type of data it collects. In short, it is compliant with the California Consumer Privacy Act (CCPA) and GDPR (General Data Protection Regulation), and no more or less invasive than other similar services.

How to Secure Your Skrill Account

Skrill itself is very secure, and the many protection mechanisms it uses make it even safer. However, you should still take additional steps to shield your account from intruders. Here's what you can do.

• Create a strong and unique password, and change it periodically.
• Enable multiple authentication methods.
• Keep your account information secure, and never share it with anybody.
• Don't store passwords and other sensitive information in your browser—you could use a password manager instead.
• Refrain from accessing Skrill through public Wi-Fi networks.
• Be wary of phishing attempts: double-check all emails claiming to be from Skrill, never click suspicious links, and do not download attachments from unknown addresses.
• Use a secure and private browser.
• Keep the software on your devices up to date.
• Enable transaction notifications in the Skrill mobile app.
• Review your account settings from time to time to ensure everything is as should be.
• Contact Skrill immediately if you notice any suspicious activity.

Skrill Is Safe, but There Are Alternatives

With strong anti-fraud monitoring and encryption at the core of its security strategy, Skrill is a safe and reliable online payment platform and digital wallet. This is complemented by a wide range of authentication methods and mechanisms, making for an exceptionally secure product.

That said, one has to keep in mind that there are other online payment processors. Payoneer and Wise, for example, might be a good fit for freelancers and online business owners in need of a PayPal alternative. And those who are looking for a safe and private way to shop online and submit payments, should probably look into virtual credit cards or cryptocurrency.