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PAYSAFE


Market perception and chargebacks


Neil Erlick, Executive Vice President, Business Development at Paysafe Group looks at the role of payment providers in mitigating gambling risks.


I NEIL ERLICK


Neil has been a member of Paysafe’s management team for 15 years, as part of the original team which helped grow the company from start-up to multibillion-dollar enterprise. Since 2013 he has been responsible for business development, helping businesses implement fast, smart and secure payment


capabilities. In 2015, Neil was elected to the Board of Directors of the Fantasy Sports Trade Association (FSTA), becoming the first payments professional in this capacity. In 2016 he was named in Global Gaming Business


Magazine’s 2017 class of 40 Under 40.


t’s no secret that the gambling industry is booming at present, largely due to the proliferation of online and mobile services. According to Deloitte, the UK’s annual growth rate in iGaming has reached 12 percent, while research from Juniper suggests online gambling will draw over $1 trillion in revenues by 2021. For many experienced operators, however, the exciting prospect of burgeoning transactions is tempered by risks of equal magnitude – chiefly, fraud. When it comes to selecting the most appropriate ways to mitigate payment risks in the gambling industry, the operator’s choice of payment partner is essential. Today’s operators should choose a partner based on its experience in the industry and on its ability to deliver a seamless payment experience for the customer, while ensuring data is fully protected where the risk of fraud is minimised.


PREVENTING FRAUD AND TACKLING CHARGEBACKS


74% of merchants believe fraudsters are targeting online businesses more than last year


82 FEBRUARY 2019 CIO


Recent research carried out among small to medium sized businesses in the UK, US, Canada, Germany and Austria showed 74% of merchants believe fraudsters are targeting online businesses more than last year. Furthermore, almost two thirds (65 percent) of UK consumers accept that a certain level of ecommerce fraud is ‘inevitable’, up from 52 percent last year. Perhaps contrary to popular belief, the online gambling industry has done a great job over the last decade to mitigate fraud. The combination of the gaming industry having some of the most stringent Know Your Customer (KYC) and regulatory requirements and payment services providers (PSPs) having the experience and expertise required to protect the operators are largely responsible for keeping fraud and chargebacks to a minimum. Choosing the right PSP is critical for operators as they must select a payment partner that can help them deploy risk monitoring technologies which automatically scan transactions to identify suspicious activity, velocity, geo-location and computer fingerprinting among others. Should suspicious activity be identified, it can be picked up by the PSP and immediately blocked before a transaction is processed.


THE ROLE OF ALTERNATIVE PAYMENTS IN PROTECTING OPERATORS In addition to partnering with a PSP with the risk management technology and specific industry experience to combat all forms of fraud, operators should also look to alternative forms of payment such as digital wallets and prepaid solutions. Digital wallets like NETELLER and Skrill and prepaid products like paysafecard have been very popular with gaming operators for over a decade as they indemnify the merchants of any fraud or chargebacks. In other words, the transactions are guaranteed, with no risk of a chargeback, giving the operators piece of mind every time a customer makes a deposit using these payment methods.


By partnering with a payment provider that offers the most secure card processing and risk management solutions, as well as risk free alternative payment  that their exposure to chargebacks is as low as possible.


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