CasinoCityTimes.com

Gurus
News
Newsletter
Author Home Author Archives Search Articles Subscribe
Stay informed with the
NEW Casino City Times newsletter!
Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter!
Ron Mendelson Archives
More Strategy Experts

Ron Mendelson Gaming Guru

Ron Mendelson
 

How gambling operators can protect themselves against fraud, cheats and financial crime

11 October 2021

By Ron Mendelson
Stakeholders are up against evolving cyber threats and online attacks.

Stakeholders are up against evolving cyber threats and online attacks. (photo by Pixabay)

Stakeholders in the gambling sector are up against it. Increasing regulation, evolving cyber threats, online attacks, and consumers trying to beat the systems. But with the online gambling sector booming, it’s about finding solutions to these issues. Thankfully, there are a variety of steps you can take to keep your business safe.

From vetting to artificial intelligence and being sure to partner with only the most reputable service providers, these are measures you should integrate into your business planning.

Vet vendors carefully

Depending on what kind of gambling operator you are, likely you’ll partner with several types of third-party providers. These could be game developers, web software companies, computer systems, CRMs, and many others. Before you partner with anyone, you need to be confident they are legitimate. Do they have a good reputation? Have there been any notable leaks or breaches during their company history? Do they take security and privacy seriously? Do your homework before signing on the dotted line or handing over sensitive information about your business or clients.

Biometric identification

Technology has advanced significantly in recent years. Biometric identification is available to most of us every day. Our phones, computers, tablets, and even watches are secured with biometrics. Some of us even have biometric home security equipment. The reliability of such technology has also increased substantially.

Fingerprint, iris, and facial recognition is not as hit and miss as it once was. Companies can now require biometric authentication before allowing deposits and withdrawals, and even upon sign in. This can significantly reduce incidences of fraudulent accounts and account activity.

AI onboarding

Artificial intelligence is being used widely in multiple sectors and verticals. From chatbots to inventory management, it streamlines processes, saves money, and delivers a superior customer experience. But in regulated industries, AI is being used in the onboarding process.

It can engage with potential clients, ask them for specific documents, and even analyze the data it receives. In the gambling sector, this can help ensure clients are who they say they are and eliminate human error.

AI supervision

AI is also being used to monitor gambling activity. It’s able to root out those who might be cheating or those attempting to launder money. It’s also capable of spotting problematic gambling behavior, thus contributing to responsible gaming efforts.

AI is being used to monitor gambling activity.

AI is being used to monitor gambling activity. (photo by Wikimedia Commons)

Integrating AI and even machine learning technology can make providers more ethical while also protecting all involved. More accurate reporting can also increase an operator's credibility and accountability regarding the regulatory authorities.

Follow AML rules

Anti-money laundering compliance is not an opt-in or opt-out matter. Every reputable jurisdiction binds operators by a set of rules and regulations to prevent financial crime. These rules change and evolve to make the threats that operators face. It’s up to you, the license holder, to stay abreast of any changes and implement the rules. By failing to do so, you endanger your business and reputation, as well as your customers.

Furthermore, you contribute to the perception of a growing issue in the sector which will likely result in harsher regulation for all. Thankfully, you don’t have to undertake this task alone. A trustworthy and knowledgeable corporate service provider can take care of it all for you.

Partner with proper payment providers

The payment methods you choose will determine how confident your players are to gamble with you. It will also have an impact on how safe and secure you and your details are. Partnering with obscure providers or those without an excellent track record is problematic. You will likely find yourself in trouble with players and your bank. Seek out a well-respected provider that plays by the rules.

Navigating and fully comprehending the risks can be daunting for some. Figuring out how to best combat them is also a challenge. But keeping yourself and your customers protected is paramount. If in doubt or not sure where to start, your corporate service provider is your best bet.
How gambling operators can protect themselves against fraud, cheats and financial crime is republished from Online.CasinoCity.com.
 

Myth-busting the online gambling sector

14 September 2021
The online gambling sector has always been prone to myths and various claims. Some are true, others are not, and many are dependent on where you gamble. Customers should always look for licensed and well-respected gambling sites. Operators must always stick to their license rules and strive to be honest, fair, and transparent. ... (read more)
 

Online casino vs esports betting: How the two sectors are growing

16 August 2021
The online gambling sector is ever-evolving. (photo by Flickr)The online gambling sector is ever-evolving. This is evident through new trends we have seen emerge over the last few years. The COVID-19 pandemic did little to slow down interest in gambling, and if anything, it allowed the market to grow and expand in scope. ... (read more)
 

Rules around online gambling advertising and why they're getting tighter

13 July 2021
The matter of advertising online gambling has always been a tricky one. On the one hand, a company has the right and the need to advertise their products, but on the other, the potential harms of gambling mean protection is needed for the vulnerable. Operators are regulated by laws but are also party to various codes of conduct and ethical standards. ... (read more)

Next 10 Articles >

Ron Mendelson
Ron Mendelson is the Director of Costa-Rica based business and financial consultancy firm, Fast Offshore.. With over two decades of experience in corporate services, iGaming, international business, finance, licensing and legal matters, he advises a number of international clients on their business needs in the Americas, Europe, and beyond.

Ron Mendelson
Ron Mendelson is the Director of Costa-Rica based business and financial consultancy firm, Fast Offshore.. With over two decades of experience in corporate services, iGaming, international business, finance, licensing and legal matters, he advises a number of international clients on their business needs in the Americas, Europe, and beyond.