2024 Guide to iGaming Account Fraud: Essential Mitigation Tips
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Leveraging community data involves using aggregated data from user activities and interactions within the gaming community to identify and prevent fraudulent behaviors. By keeping a close watch on the flow of funds, operators can detect anomalies that may indicate fraud, such as money laundering, chargeback fraud, or unauthorised transactions. Ongoing account protection keeps players’ accounts secure from unauthorised access and fraudulent activities over time. By focusing on verifying cardholder information, operators can reduce unauthorised transactions and chargeback fraud. This results in lost revenue and additional fees for operators, alongside potential blacklisting by payment processors. This drains resources intended for genuine players and skews promotional strategies.
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As the iGaming industry continues to grow, so does the sophistication of these fraudulent schemes. It also includes payment fraud, involving stolen credit cards used to fund accounts, and collusion, where players conspire to cheat the system. Over in the US, the online gambling market is projected to have an annual growth rate of 15.41% up to 2025. These issues can lead to erratic traffic patterns and diminished revenue.
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