2020 saw the sharpest spike in online gambling than ever before, as pandemic lockdowns propelled people to seek out activities from within their homes. Gambling sites were among various outlets that profited tremendously during this period.
Unfortunately, as more and more individuals become engaged in the activity, criminals have also been quick to take advantage. The prevalence of online fraud has risen by a staggering 300% over recent years due to surging internet usage.
The online fraud prevention industry is an ever-growing multi-billion dollar entity, pushing more business entrepreneurs to secure their operations.
In today's internet age, it is paramount for gambling websites to safeguard their business and patrons from any potential fraudulent activities associated with online gambling.
Cybercriminals increasingly turn to online gambling fraud to gain an advantage over gaming operators. From creating multiple accounts, abusing bonuses and affiliate programs, laundering money, or engaging in the grey area of arbitrage, criminals can employ various malicious activities.
As fraud analysts, we use the term gambling fraud to refer to any malicious or illegal practices undertaken by professional or amateur con artists to obtain money, bonuses, or other benefits from a virtual gaming site while aiding other forms of fraud.
Despite fraudsters constantly inventing new ways to take advantage of the system, particular attack tactics commonly occur and should be monitored closely.
As a form of a digital wallet, online casinos and gambling websites demand deposits and withdrawals before gameplay; thus, there is potential for losses when processing payments.
Ultimately, just like traditional casinos, online gambling owners must be conscious of their potential for money laundering. Any business that processes large sums of money can quickly become a vehicle for criminals to launder illegally obtained funds; unfortunately, casinos are an ideal destination for them.
Adhering to good KYC (Know Your Customer) practices is essential to protect your online business from fraudulent activity. This means investing in a modern fraud detection software solution that meets the necessary KYC requirements and offers extra protection against the risks of operating an online gambling sector. By doing this, you can ensure maximum safety for both yourself and your customers.
To make sure you meet compliance regulations and prevent fraud, the following measures should be taken at every point of onboarding and beyond:
To combat online gambling scams, one must realize that cross-referencing enormous amounts of data is too much for an individual to handle; thus, fraud managers should seek third-party solutions.
Imagine having access to a wide array of technological tools that can be combined into one complete software program. This tech-savvy package will include functionality and touchpoints such as the following:
Fraud has a profound detrimental impact on the legitimacy of online gambling sites, and its consequences are widely experienced by all types of digital businesses.
Especially in the arena of multiplayer games, regulating fraud is pertinent. Those online gambling sites that offer gaming such as internet poker will eventually witness a decrease in their live user count if they neglect to manage fraud at the tables.
With continued advancements in technology and the growing number of gamblers turning to online gambling, fraudsters are able to discover more avenues for taking advantage of vulnerable systems. Our research revealed that there is an immense discrepancy between regions with regard to both the volume and type of fraud prevalent within the online gambling industry.
The risk of malicious sign-up attempts varies across regions, ranging from a 38% difference in sophistication and complexity. Therefore, operators must be well-equipped to handle the unique requirements associated with each area they operate within.
The online gaming industry is a highly competitive space, so striking the delicate balance between capturing new players and managing risk all while keeping your current ones contented can be an exceptionally daunting task.
When it comes to online gambling, fraudsters always seem to be lurking in the shadows. But don't worry! You can take steps that will drastically reduce your chances of encountering any fraudulent activity. One key principle is understanding who your customers are; this way, they won't use their own or anyone else's credit cards for multiple accounts and you'll have an easier time resolving chargeback attempts. With these measures in place, you can guarantee a safer atmosphere for everyone involved with regard to online gambling risks.
To ensure accurate customer identification, there are a variety of methods that can be employed.
Browser fingerprinting is a powerful technique for preventing online scams. By producing digital fingerprints, you can observe every single person who visits your website and track their browsing activity over time – even if they use a VPN or go into private mode! This makes it much easier to recognize fraudsters attempting to conceal themselves.
Above all else, business depends on user trust and developing relationships with the players. Without this assurance of safety and fairness, customers can turn to many competitors instead. Putting measures in place to inhibit fraudulence while showing the players you're looking out for them is sure to positively affect your long-term success.
Our Anti-Fraud Team has taken their already professional-grade training and added a social responsibility component, further demonstrating their commitment to protecting against fraud.
This training equipped the Anti-Fraud Team to proactively address gambling-related harm and escalated safer gambling issues with enhanced communication skills.
iGaming Kitties offers comprehensive anti-fraud support services for online casinos via its multi-function department dedicated to providing exceptional client assistance.
Our team is constantly looking to hone their expertise and put it into action instantly. The Anti-Fraud group discovered how to respond to customers' inquiries on gambling matters as well as how to develop relationships founded on people's behavior.
We are driven by the desire for excellence in all that we do. We commit to offering unparalleled security and expertise as part of the service package because your satisfaction is of utmost importance to us.