iovation Manager Talks iGaming Fraud Prevention and Authentication
Financial crimes prevention and player authentication are two very serious topics of conversation when it comes to online gambling, and a company that became part of the TransUnion group not long ago is well-versed in them.
Established in 2004, iovation provides digital businesses, including online gambling companies, and their end users with different solutions for authentication and fraud and risk prevention. Last year, the company became part of global risk and information solutions provider TransUnion to further cement itself in this extremely important and rapidly growing sector.
In a recent interview with casino information portal RealMoneyAction, Angie White, Product Marketing Manager at iovation, provided insightful bits of information about the company’s role in the iGaming industry as well as the risks that the sector faces daily and how these can be reduced so that end users are well protected.
Head over to RealMoneyAction to read Ms. White’s full interview.
Credit Card Fraud Prevention
The iovation Product Marketing Manager dwelt extensively on credit card fraud and what gambling operators can do to detect and prevent that type of crime. Ms. White pointed out that while credit card fraud remains the most reported type of fraud within the sector, any available gambling payment method could be a target of crime.
She noted that one of the most effective ways to combat the issue of the online gambling industry being used as a tool for different financial crimes is the deployment of device intelligence as it gives access to the historical behavior of a particular device.
High velocity can be one important risk indicator, Ms. White pointed out, further explaining that if a single device sets up a hundred new accounts over a single week, that certainly is an abnormal user behavior and should be investigated.
Illegal Online Gambling Activity in the US
In its 2019 Gambling Industry Report, iovation said that there is a higher risk of illegal gambling activity in the United States than in other markets, with a 119% higher evasion techniques rate recorded in the country as compared internationally.
Ms. White explained that operators going live in the US should bear in mind the fact that they are “dealing with a very fragmented market and sophisticated consumers that know how to mask their location to attempt to bet illegally.” She went on to say that it is imperative for gambling companies to deploy systems that limit play by geographic boundaries if they want to avoid regulatory trouble.
Online casino gambling is currently legal in four US states, with those being Nevada, Delaware, New Jersey, and Pennsylvania, which launched its first two online casinos this past Monday (July 15, 2019).
Asked for a word of advice on how online gambling customers can protect themselves, Ms. White said that they should make sure to vote with their feet and register with operators “that have a good reputation and are investing in account protection”, and that while account protection and verification practices could be frustrating, they really are an essential part in the fight against financial crimes and illegal operations.
To learn more about how iovation approaches its task to provide operators and their end users with effective fraud prevention tools and what the industry has done so far and should do in future to tackle financial crime issues, read the full interview with Ms. White on RealMoneyAction.
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The post iovation Manager Talks iGaming Fraud Prevention and Authentication appeared first on Casino News Daily.
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