Online Gambling is one of the fastest-growing industries in the world. It’s also one of the most abused. Online Gambling Fraud targeting unsuspecting players is a huge problem, with losses totaling billions of dollars every year. In this blog post, we’ll explore what Online Gambling Fraud is, the different types of fraud, and some tips on protecting your online gambling service from fraud.
What is Online Gambling Fraud?
Online Gambling Fraud is any attempt by a fraudster to deceive or defraud an online gambler out of their money. This can take many forms, from phishing scams that trick you into giving up your login information to fake casinos that don’t pay out winnings.
Types of Online Gambling Fraud
There are several different types of Online Gambling Fraud, including:
- Phishing Scams
These scams involve an attacker posing as a legitimate gambling site or service and sending the victim an email or message that looks like it’s from that site. The message usually asks to click a link and enter login information or other sensitive details.
- Fake Casinos
Some online casinos are actually scams designed to take online gambler money without ever paying out any winnings. They might offer enticing bonuses or games with high payouts, but you’ll quickly realize something isn’t right once you start playing.
- Payment Fraud
Payment fraud involves someone stealing credit card information or other payment details and using them to make unauthorized purchases or withdrawals.
- ATO Attacks
Account Takeover (ATO) attacks involve a fraudster using stolen login credentials to access and take control of a legitimate user account.
- Bonus Scams
Bonus scams involve fraudulent promotions and bonuses that are too good to be true, such as unrealistic match bonuses or free spins with no wagering requirements.
How XTN Can Help Protect Your Online Gambling Service from Fraud
XTN Cognitive Security® protects your online gambling service from fraud. The gambling space is challenging since the context in which end-users operate is widely heterogeneous, pretty intense, and elusive. XTN Cognitive Security®’s holistic approach powered by behavioral biometric techniques is the most efficient solution in this space. Relying on an invisible evaluation flow, we help identify suspicious user activity and step-up authentication challenges when needed, preserving the user experience. Blocking all malevolent phenomena threatening the service and its reputation, we can provide our clients with implementing proper countermeasures. Last but not least, the end-users can feel safe interacting with the service and still trust the provider.
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