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Understanding fraud in iGaming: Unveiling an Invisible Adversary
Fraud is a powerful adversary in the exciting world of iGaming. It’s largely invisible, but it lurks. Cybercriminals take advantage of technological flaws and human error to steal billions from the gambling industry. It is important to mitigate the threat of cybercrime, as the global online gaming market is expected to reach $159.3 Billion by 2026.
Chargebacks raise the stakes even more. Chargebacks are significant revenue leaks for operators. Customers who use them fraudulently to dispute legitimate charges can be a major source of loss.
Reducing fraud in iGaming
To combat these threats, operators must be equipped with the latest tools and techniques. For example, enhanced user authentication is a crucial first line of defence. The use of two-factor authentication (2FA), behavioral analytics powered by AI, and biometric checks can help identify and stop potential threats in real-time.
Integrating advanced fraud detection systems becomes even more important. These platforms use artificial intelligence (AI), machine learning (ML), and other technologies to detect patterns, detect anomalies, and alert operators of suspicious activity. According to an EY report from 2021, these technologies could reduce online fraud up to 60%.
Fighting Chargebacks: Turning the tide in iGaming
When legitimate, chargebacks protect consumers against fraudulent transactions. When misused, a practice called ‘friendly fraud,’ they can have a devastating effect on the revenues and reputation of an operator.
In order to prevent chargebacks, iGaming needs a double-pronged strategy: a robust customer service team and a meticulous transaction monitor. Chargebacks resulting from customer dissatisfaction and misunderstandings can be minimised by resolving issues quickly. Accurate transaction records are also helpful in disputing chargebacks.
GumBallPay’s solution to the challenge
GumBallPay, a iGaming Payment Provider that is innovative in this area, can be a beacon for hope. GumBallPay does not stand by and watch as fraudsters and chargebacks take place. It has used many advanced technologies, and strict protocols to ensure seamless transactions in the iGaming sector.
GumBallPay’s transactions are 3D Secure and PCI DSS compliant. These standards are high-level in terms of secure payment processing and give operators peace of mind so they can focus on improving their services.
Oliver De Bono is the CEO of Quantum Gaming. He says, “GumBallPay strives to keep its customers at the forefront of financial and digital landscape.” This involves implementing effective fraud detection mechanisms as well as chargeback prevention.
GumBallPay offers operators a higher authorization rate, less chargebacks and a more secure gaming environment. It is a powerful solution against the invisible enemy and has changed the iGaming industry.
Staying ahead of the game
The complexity of chargebacks and fraud increases as the iGaming sector evolves. To navigate these turbulent waters, you need to be resilient and integrate advanced solutions strategically. GumBallPay’s commitment to compliance and security exemplifies the ethos of this company. It allows operators to take on the invisible enemy and remain ahead in the game.
References:
Statista. (2021). Global online gambling revenue forecast 2017-2026.
EY. (2021). AI and machine-learning can reduce online fraud.
