caught by iGaming operators and credit card issuers after they happen – leading to expensive investigations by both parties. But technology is now helping the online wagering industry to get ahead of friendly fraud, as well as other consumer-driven financial crime risks. New solutions serving the online wagering
space place stronger emphasis on access and validation. For example, many operators are incorporating digital wallet technology into their platforms and requiring players to supply their bank account or credit card information to an online “e-wallet” account prior to game play –
A report found that the online gaming industry was the target of half of the recorded distributed denial-of-service (DDoS) attacks in the third quarter of 2015. This high level of cyberattacks is attributable, in part, to how crowded the iGaming market is becoming.
bolstering fraud protections by creating a verifiable access trail of the card being loaded to the site. Te best digital wallet solutions tokenise
cardholder information upon application in the digital wallet, thus injecting additional security into the transaction activity. (Tokenisation replaces the consumer’s original cardholder data with a randomly generated virtual card number, or “token,” bundled with business rules for its exact use – where, when, and by whom). In addition, since banking rules typically classify digital wallet transactions as “quasi-cash” (aka, representative of actual currency) due to their two-sided nature, rather than as regular merchant transactions, users are also prevented from earning undue chargebacks. Digital wallets don’t resolve all of gaming
companies’ risk factors – like competitor DDoS attacks, for example – but they do significantly lower gaming platforms’ vulnerability to fraud. (So much so, in fact, that white-labelling an e- wallet solution into their sites can put operators in a stronger position to lower processing fees or renegotiate contracts with other third parties). And e-wallet-savvy gaming sites may be in an even stronger negotiating position as 2016 progresses, as the technology serving the iGaming market is evolving rapidly to conquer
Research from Kaspersky Labs found that one out of every two DDoS attacks in the online wagering space was launched or funded by a rival business. With so many operators competing for customers, it is not surprising that attacks come from the competition.
new and existing fraud threats in the space. For example, emerging “visual card” functionality will require each player to snap a photo of the credit or debit card to authorise it for game play; only then will the player be able to load funds or otherwise utilise the e-wallet. Ultimately, to mitigate as many of their risk
factors as possible, gaming operators must seek out technology solutions geared specifically to the unique needs of their industry. Te sector is high-risk enough as it is… and making it less of a hotbed for fraud requires solutions specifically “calculated” to conquer the industry’s complex threats.
NEWSWIRE / INTERACTIVE /
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