The iGaming industry is a treasure trove of large amounts of data. While this can help the industry build a massive transformation via market insights and customer feedback, it also poses a significant risk of being stolen by malicious actors. Slotegrator has, therefore, pitched an idea to the industry wherein it has asked them to review the type of security mechanism they have deployed for the community.
Brands can make money whenever they want, but losing customers due to a rise in cybercrime will significantly impact their current performance. To cut a long story short, Slotegrator desires that the industry optimize its budget for security, protect data, and enhance the security measures that are presently in place on their platforms.
Slotegrator has categorized online fraud into five different types, namely:
- Account Fraud
- Identity Fraud
- Bonus Abuse
- Affiliate Fraud
- AI Bot Scams
Account Fraud pertains to hackers gaining unauthorized access to a player’s account. This enables them to review all the personal data and then steal their funds in any possible amount. Account fraud happens when users are tricked into granting access to the malicious actor or when hackers can decipher their weak password.
Identity Fraud goes beyond the world of gaming. It largely affects the player since their identities run the risk of being misused. Bonus Abuse is when a malicious actor finds a loophole to use promotional bonuses more than once. It eventually ends up draining the resources of the platform, which authentic users could otherwise use. Vigilance is crucial, as Slotegrator stated while addressing this issue.
AI bot scams are gaining traction all over the world. X, formerly Twitter, committed to tackling the issue when Elon Musk took over as its Chief Executive Officer. The platform has been able to serve that purpose till now, with many more awaiting to meet their fate. It is now time for online crypto casinos to implement stringent measures to reduce AI bot scams to zero.
Bots are also deployed to hamper the affiliate program of online casinos.
Slotegrator has introduced a risk management module with a solution that can be followed by all casinos, irrespective of their size and geographical location. A crisp summary is that the data of their customers must be organized in a user-friendly manner, and alerts must be turned on to get instant notification when there is a dubious action happening on the platform. The isolation of players with more than a single account to their names could stand out in the list of such actions.
It could also help to clarify that they have been utilizing chatbots and VPNs to execute their fraudulent actions.
Moving forward, Slotegrator will look to introduce risk management tactics like:
- Recognizing the nature of the risk
- Setting priorities based on the potential for damage
- Accessing the timing and nature of the risk
- Supervising business actions
- Allocating duties to team members for swift action
Needless to say, these are only a few actions that Slotegrator has talked about. Many more will be introduced in the future based on what online platforms go through.