Online fraud, despite the fact that it is not easy to commit crime, is big business.
Recent industry reports show that online fraud is on the rise. A recent industry report by PwC, an auditing and accounting company, found that nearly two-thirds (or more) of the tech, media and telecommunications companies surveyed had experienced fraud.
These levels of fraud can cause serious disruption for businesses that conduct their business online. Cybercrime and fraud are the top threats to businesses.
Cybercrime and fraud are on the rise. For example, in the United Kingdom victims lost an estimated PSD1.3 billion in 2021, which represented a 27% increase in incidents.
Businesses are being forced to invest more in fraud detection and prevention systems because of this increasing threat.
This includes the adoption and use of digital payment systems that are more secure and less vulnerable to attack, the deployment of multi-layered cyberfraud assessment programs and the use real-time risk assessment tools.
Online casinos are one sector that is leading these advancements. Because of the sensitive data that they hold, it is imperative to stay on top of all new and emerging cyber-fraud threats.
What are the best ways to protect yourself from hackers and cybercriminals when you gamble online? Continue reading to learn more!
The most common online casino fraud
Before we discuss the technology online casino have used to fight online fraud, let’s first talk about the various types of online fraud.
These are the most popular online gambling scams.
Multiple account fraud : Scammers can create multiple accounts by using false information. These accounts can be used to benefit from bonus schemes and to increase their chances of winning in games.
Stealing credit cards: Scammers use stolen credit card numbers to top up their accounts, then withdraw the cash.
Phone top up abuse: Fraudsters trick unsuspecting victims to top up their casino accounts. The scammer will receive the payment directly and it can be withdrawn.
Online casinos must ensure that they have the proper procedures for customer identification. This is one of the best ways to combat fraud. This includes ensuring that login and registration processes are secure and prevent unauthorised access.
Online casinos use two-factor authentication or verification as one of their most common methods of securing accounts. This makes it more difficult for hackers and fraudsters to access the account.
Identity verification systems scan for user information, such as email address, location, and IP address. These cross-references are used to verify that the person attempting to gain access to the account is authorized. Advanced fraud protection software is used to verify that this information is authentic and valid before allowing sign-in access.
Popular among mobile apps is biometric authentication. Because fingerprints cannot be faked using VPNs, they are more useful than IP addresses or geolocation.
The industry also combats fraud by ensuring that licensing requirements are upheld.
To provide services to customers, online casinos and gambling platforms need to be licensed. And whilst these can often be lengthy and expensive processes to go through–particularly for newer online casinos just getting started–they are ultimately necessary.
Online casinos are required to prove to regulators that they have adequate anti-money laundering procedures in place and offer sufficient protection for customer accounts as part of their licensing process. This is a great way to make sure that your personal information and funds are safe from hackers and scammers.
Online casinos offer many payment options, as you’ll undoubtedly know. These include credit and debit cards, bank transfer, prepaid cards and electronic wallets (also called eWallets) that allow for cryptocurrency payments. While more options is good for customers, they aren’t of much value if they don’t offer enough safety.
Online casinos can offer greater protection against hackers and scammers by only using safe payment methods. Because they offer a highly secure way to make online payments, cryptocurrencies are particularly popular.
Online casinos can prevent hackers, fraudsters and other online criminals by providing excellent customer service.
Reliable customer support is essential for any online casino business. They can be trained to answer any customer questions efficiently and effectively. To ensure potential fraud detection is as soon as possible, it is important that customers can easily reach a member the customer service team. Customer support staff should be highly trained and always available to answer customer questions.