Betfair Security Advice before depositing substantial funds
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So I have 2-step authentication set-up on my Betfair account, but would anyone recommend also using a password manager such as Bitwarden to ramp up security on their account before depositing substantial funds? I trade using my iPad (via the safari browser, not the Betfair app) and I’ve read a fair few reviews that complain about Bitwarden not being ideal on iPad/iPhone; therefore, I was wondering whether 2-step authentication along with my own strong password (which I could change monthly) would be sufficient security?
Before I had enabled 2-step authentication, I had my Betfair account hacked and the funds were stolen (about £109). I’m actually grateful for this because I hadn’t properly considered security and I’m glad it happened when I only had a nominal amount in my balance! I just wanted some opinions before I deposit any more funds. Thanks in advance!
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Absolutely do use 2FA on Betfair, if only because I believe they refuse to help you regarding stolen funds if you don't have it enabled.
Do obviously use a secure password as well, which you could store in Bitwarden / 1Password etc if you like. And then definitely use a secure master password and 2FA on the password manager as well.
Would be good if Betfair enabled passkeys tbh.
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@Dan-MacKinnon Oh I need to get on this!! I like this a lot!
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I use 2FA and Bitwarden.
I'm good friends with our head of IT and he told me about Bitwarden. For it's price I think it's great. I trust that more than Apple password manager and you can get extensions for your browsers.
Another general tip that my mate told me was about Simplelogin. It generates alias email addresses for you and then pushes emails to your account. It means that hackers don't get to your main account. It's a pain switching everything over but definitely worth it.
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@Tony-Lee no I will work out what the max I would have as liability a day is and add a little bit more than that, that way it would cover a busy day and I wouldn't have lots of money sitting unused. It also helps me to not go 'oh I've had a bad day let's just put the rest of my whole bankroll on something' as I would have to deposit to do that.
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@Martin that’s interesting, so if your total liability for the day comes to (for example) £350, you just deposit £350 then withdraw your whole balance at the end of the day? So you never leave your full bank roll in your Betfair balance? Do you ever have any issues with your bank when it comes to constantly depositing/withdrawing from a platform like Betfair, or are they just used to your activity now?
Just thinking of the best way to manage my funds from the practical side of things: my thoughts were leaving my bankroll in my Betfair account then withdrawing just the profit at the end of the month. Just looking for ideas really so your comment is really interesting from a security point of view.
