The explosive growth in the fields of AI and Big Data are presenting the iGaming industry with powerful new tools — and tricky new challenges. Slotegrator shares the challenges iGaming brands face and what they can do to improve their security, protect their data, and save their money.
In the iGaming industry, data is treasure.
Just like a chest of gold coins, data is incredibly valuable — and highly tempting to those with loose morals.
From the moment they first sign up, players are required to provide detailed personal information, making the iGaming business itself a magnet for big data. Player info, market reviews, surveys, and industry reports help operators analyze the demands of their target audience, the potential of new markets, and the advisability of the business’s investments or expansions.
Unfortunately, all that sensitive information makes them a prime target for hackers, scammers, and fraudsters.
Today’s iGaming brands need multi-level security: basic, cyber and beyond. This kind of threat is classified as an operation risk in Slotegrator Academy’s analytical article covering the different kinds of risks iGaming brands face, meaning operators need a set of policies and procedures in place to actively combat them.
Which fraud attacks are the most popular today?
Account fraud: This is a popular way of stealing personal data and money. Once a hacker gains access to a players’ account (if their password is weak, for example), the hacker can do whatever they want with the player’s funds.
Identity fraud: This type of fraud can be disastrous for the player. Aside from exploiting all the winnings and bonuses they’ve accrued in their account, identity theft is a serious problem that can have extensive real-world consequences.
Bonus abuse: Using false, stolen, or even borrowed identities, bonus abusers sign up for new accounts, claim their bonus, cash out, and disappear into the wind. Telltale signs like IP addresses and street addresses that fail to match can help, but in the end, bonus abusers have plenty of time and energy to devote to new tactics, so casinos always have to stay on their toes.
Affiliate fraud: Affiliate marketing is the go-to marketing strategy for online casinos, and affiliates are capable of generating massive amounts of revenues. Usually, this is fair enough — as long as the affiliates are providing real players. But dubious affiliates can use bots, fake websites, and other tactics to generate unearned commissions.
AI bot frauds: Scammers can use AI-powered bots to deceive players in order to gain access to their accounts among other duplicitous actions.
To prevent these (and other) kinds of fraud from happening to your online casino, Slotegrator created a risk management module for its turnkey online casino solution. The module provides financial security and tracks suspicious activities, which facilitates risk management and guards against fraud. Data is structured in an accurate database for operators to easily process and analyze. In case of suspicious activity, you will be notified immediately.
The risk management module helps to identify and exclude players with multiple accounts, as well as helping detect other signs of bonus abuse.
Bonus abusers use VPNs, chatbots and other tools and techniques to make it hard to decipher if it’s a real player with a veritable identity whose actions can be tracked or a scammer. The risk management module monitors user behavior and identifies suspicious activity, protecting the casino and saving time for operators. Operators can set the module’s attributes according to their preferences.
The risk management module follows the risk management strategy:
- Identify the risks.
- Analyze how, when, and where they could happen.
- Rank them in order of potential threat.
- Assign responsibility for a team member to keep an eye on each potential risk.
- Closely monitor business operations.
- Respond quickly and decisively to adverse events.
You’re never totally immune from fraud, but the risk management module monitors players in real time and alerts you when something is off. This kind of automated fraud prevention is light-years faster than any kind of human-powered strategy — which in modern times is a necessity.
“We have to increase the level of security for data in the iGaming industry. Security is our key prerogative and an indicator of the technological level of software”, says Yana Khaidukova, Managing Director at Slotegrator.