When it comes to you picking an online bingo site, you are most likely going to choose one of the many bingo sites that accept PayPal payments. There’s a huge amount of commotion and excitement surrounding PayPal, especially in this day and age when internet fraud and scams are rife, with over 300,000 reported cases of fraud in 2011 alone. This is why so many online bingo sites accept PayPal; they know the importance of being cautious and they fully realise that if they offer PayPal, this will give them an advantage over other bingo sites. However – whilst PayPal is one of the safest and easiest ways to deposit at your favourite site and the amount of bingo sites accepting PayPal may be growing by the minute, PayPal has been under fire recently.
Reports have shown some potential pit-falls of this once extremely hailed and extremely popular payment method and it has recently come to light that whilst PayPal still remains an extremely safe option, there are a few things you need to consider when using PayPal to deposit at an online bingo site. First and foremost, having a PayPal account means you can simply transfer funds to the bingo site in question without having to input your details, remember that you do have to input your details into PayPal in the first place. This means that whilst an online bingo site may not have access to your bank account, PayPal does. This of course means that you are still at risk from a dishonest PayPal employee. However, if you register your bank account with PayPal rather than using your Credit Card to verify your PayPal account, a potential dishonest PayPal employee is likely to think twice about desecrating your account. It is far easier for a bank to investigate, so it is far more likely that they will be found out. Using your credit card to verify your PayPal address would give a potential wrong-doer your details as well as your security code on the back of your card, therefore if your account were to be tampered with, it would be much harder to trace.
Another potential pit-fall when using PayPal to deposit at an online bingo site comes when you wish to withdraw any winnings. Don’t let your money sit in your PayPal account for too long – the longer it stays there, the more chance of it being siphoned.
Whilst this may all seem a bit far-fetched, it in no way means that this will never happen to you. Yes it is unlikely, but it is well worth knowing the PayPal pitfalls especially if you wish to use PayPal to deposit and withdraw from an online bingo site.