Yes, it has many different layers of security in place to keep you safe. It keeps players' money separate from their own, and the procedure is supervised by the Central Bank of Cyprus. For Irish players, it is regulated by Ireland's Financial Markets Authority, so you know it's all above board.
Payz uses data encryption and complies with the Payment Card Industry (PCI) and Data Security Standards (DSS). The system uses SSL (Secure Sockets Layer) technology to keep your information secure, and the servers that store your data are kept in really secure areas.
This is the last bit from me regarding all the technical stuff. Top Payz casino sites will employ two-factor authentication alongside the eWallet. So, every time you try to access your Payz account, you will be asked for a code sent to you or a biometrics scan.