GOODBYE 2017…
Goodbye 2017; hello 2018…!
There was a worry it might take until 2019 to complete this feature, but Matt Broughton wraps up your thoughts on the year behind and the year ahead.
Anies Khan Head of Gaming, Jumio
What do you think was the most important occurrence for the industry in 2017? In November, Jumio compared fraud patterns from 2014 to 2017 for online ID verifications across a range of industries, including online gambling, retail, travel, financial services and insurance, for the week between Black Friday and Cyber Monday, including the day before and after each event. After comparing these results with average
fraud rates from the rest of the year, our data revealed some concerning fraud trends for the global online gambling sector. We found that, despite overall fraud levels dropping 33% since 2016, online gambling fraud experienced a sharp increase, with fraud attempts 62% higher in 2017 than in 2016. This was largely a Europe-based phenomenon,
where the data during Black Friday-Cyber Monday was particularly pronounced: • European online gambling fraud was 67% higher in 2017 than the daily average for the rest of the year.
• Fraud attempts in the region decreased 4% from 2016, but were higher for online gambling than a range of other sectors.
• Other sectors collectively saw a 25% year on year decrease in fraud attempts.
• Overall, European online gambling fraud has increased 60% since 2014. It is crucial that gambling companies take
note of this trend for 2018, and begin to implement strong fraud deterrents today. Operators are often reluctant to add multi- layered identity verification, which can slow down the customer onboarding process, in favour of a seamless user experience. But our data suggests that this mindset
requires rethinking, and that operators may be missing out on the ‘Sentinel Effect’ enjoyed by other industries. Many of today’s strong anti-fraud solutions require customers to provide a live ‘selfie’ biometric image of their face as part of a verification process, and this
62 MARCH 2018
acts as a powerful deterrent to fraudsters, who are unwilling to have their image on file. In order to strike the perfect balance between watertight security and a smooth customer experience, online gambling operators should learn from a surge in Black Friday fraud, and leverage biometric-based technologies in their onboarding process.
What were the biggest occurrences for Jumio in 2017? In 2017, Jumio was delighted to continue serving nine of the 10 largest online gambling and gaming sites in the EU, and many more operators worldwide, with highly accurate identity verification for customer onboarding. Our Q2 sales were up 87% year-over-year and, at the close of the quarter, Jumio was helping enterprise organizations convert more than 100% more customers on a daily basis than at the close of 2016. We have also grown exponentially in the EMEA region. In September, Frost & Sullivan named Jumio
the 2017 North American Entrepreneurial Company of the Year for the Biometric Security Solutions Industry. The award recognised our award-winning Trusted Identity as a Service platform: “Netverify stands out due to its multi-authentication process and ability to function seamlessly in a digital environment.” Finally, Jumio recently broke the 90m identities verified mark, with 91 million identities verified to date, at a rate of nearly 300,000 verifications a day.
What are you most excited about for the industry in 2018? We predict that the online gambling industry’s shift from desktop to mobile will continue in earnest in 2018, and this represents a great opportunity for global online gambling operators. Research from Zenith suggests that
smartphone penetration across the world will
reach 66% in 2018, up from 58% in 2016. Further, mobile devices are expected to account for 73% of all internet use in 2018, up from 65% in 2016. For operators, this means that optimisation of their mobile platforms must be a priority. Those that do so will be well placed to maximise the anytime, anywhere nature of today’s gamblers’ lifestyles. Also, after surging to a record
value in 2017, it will be interesting to see whether Bitcoin makes further inroads into the online gambling sector in 2018. Many online casinos already accept cryptocurrencies, with some success. As the hype around Bitcoin grows larger every day, we may see an increase in customers trying Bitcoin to enjoy transaction anonymity and rapid deposits and withdrawals when gambling online.
What are you most excited about for your company in 2018? At Jumio, we continually update and refine our technology to ensure that it retains its status as the most accurate identity verification solution on the market. As machine learning, artificial intelligence and biometric technologies develop in 2018, we look forward to incorporating new innovations into Netverify, our own Trusted Identity as a Service platform.
Anything else you’d like to say about the passing of 2017 and 2018’s arrival? Most experts predict that 2018 will be a year of significant growth for blockchain. With continued investment and applied innovation, we may see that blockchain emerges from a much-talked about technology with lots of potential, to a fully established, credible technology that is adopted by a range of industries.
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