With the rise of the iGaming industry, not only do we see improvements in tech and the increase of players and operators, but we also have witnessed a large number of fraud attacks.
One tech company that has been vocal about this problem and has dedicated a lot of time to developing and producing solutions is Veli.Services.
The co-founder of this B2B2C tech company, Gia Janashvili, has multiple times proposed different strategies on how iGaming operators can detect and prevent fraud attacks. In this article, you won’t just see some of the current possible types of fraud, but you will also learn how to detect and prevent them.
With the nature of iGaming, which includes online casinos and betting sites, the attackers will focus on abusing the systems, exploiting any loopholes, and cheating on some of the games available.
At the moment, there are various kinds of fraud attacks. However, 4 are constantly being detected, and those include:
One of the many ways attackers abuse bonuses is when an operator offers a referral incentive. Because of the nature of the perk, which gives a certain bonus to the players that bring in more members, they will create more accounts and simply claim more and more perks.Also read: Best Top 10 Paid Online Survey Website in the World
This type is closely connected to the previous one. The promotions don’t even have to be referral programs; most online operators provide sign-up bonuses, which attackers take advantage of. These welcome or signup perks are overused and give more chances for fraudsters to collect winnings.
Attackers will always come up with new ways to bypass certain safety and security measures that operators implement. One of the latest ways they use to get past the KYC check is by stamping false info on real ID documents. These are known as Synthetic IDs, which have been an enormous problem in the US in the past couple of years.
Operators must protect their members, which is why they undertake various methods. However, all online casinos or bookies place a special emphasis on the protection of problem gamblers. So, they add multiple tools for self-exclusion. And yet, fraudsters have found a way to use these tools against the operator.
What they do is create one account and self-exclude themselves for a certain period. After that, they create another account on the same site and start playing for a lot of money. Once they lose all the cash, they will blackmail the operator, saying that it didn’t protect them and that their self-exclusion tool doesn’t work.
Gia Janashvili, together with his tech company Veli. Services constantly push various anti-fraud strategies, so iGaming operators know how to detect and prevent fraud. Here are some of the crucial anti-fraud strategies that operators need to focus on:
This means knowing what type of fraudulent activity can hit your system or site. If you are in the iGaming industry, you need to know where your weak points are, i.e., what your most vulnerable features are.
Knowing all the risks and types of fraud that can happen, you can calculate the chances of them happening and figure out ways to prevent them from occurring.Also read: Top 10 Programming Languages for Kids to learn
Always do research on what is happening in the iGaming industry. As mentioned, fraudsters will always find a new way to get in and cause trouble.
So, by staying in the loop, an operator can see the broad picture and determine all possible ways that fraudsters can attack them, which, in turn, will bring strengthening of security measures.
There is always new software tech that can be used. All sorts of analytical tools are available to monitor and detect fraud. Veli. Services is one of the companies that can help, having years of experience in anti-fraud solutions.
Gia Janashvili’s Veli. Services use technologies that identify fraudulent transactions, reduce fraud losses, and pinpoint the most profitable players. Because there is no need for someone to operate the tech, fraudulent activity can be detected within seconds.
Operators that run sports betting sites or online casinos can continue working on more important things like improving their features and thus leave artificial intelligence and machine learning to identify suspicious activity on their sites.
Implementing this type of tech will certainly increase the number of identified fraudsters on their sites and prevent them from exploiting the site before it is too late.
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