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Fraud is a rising concern for companies in iGaming and online gambling. The global digital fraud rates increased by 68.6% in iGaming and 29.4% in gambling from 2019 to 2023. With frequent transaction spikes during major sports events, changing regulations, and the complexities of entering new markets, iGaming operators require reliable fraud detection for secure business expansion. In this challenging environment, having a tailored and strong fraud prevention solution is crucial for businesses.
The iGaming Industry: A Quick Overview iGaming involves online betting on game outcomes, covering various activities like online casinos, sports betting, and poker. It's a digital adaptation of traditional casino games, expanding into a vast $92 billion market globally.
Fraud in iGaming: What You Need to Know Fraudsters are targeting iGaming, with common schemes like creating multiple accounts, bonus abuse, affiliate fraud, gnoming, and chip dumping. Payment fraud, including phone top-up abuse, chargebacks, and first-party fraud, poses additional challenges.
Importance of Trust and Safety in iGaming Given the evolving regulations and market expansions, fraud poses a significant threat. Robust fraud prevention is crucial to avoid legal penalties, financial losses, safeguard player accounts, retain players, and protect company reputation.
Strategies for Fraud Prevention A comprehensive approach is needed, including identity verification, behavior analysis, secure payments, regular assessments, and staff training. Sift offers a specialized solution for iGaming, helping operators detect fraud, accelerate secure transactions, and ensure compliance.
Sift's Solution for iGaming Fraud Prevention Sift provides a tailored fraud prevention solution for iGaming, addressing industry-specific challenges. With machine learning-driven automation, Sift reduces manual reviews, enhances player experience, and supports business expansion securely. Leaders in the iGaming industry trust Sift, securing over $45 billion annually in transactions globally.
Secure Your iGaming Business with Sift Explore how Sift Payment Protection can help your iGaming business by securing transactions, improving player experience, meeting regulatory requirements, and enabling secure expansion into new markets.
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By providing a comprehensive explanation of fraud prevention strategies and their tailored solution, Sift demonstrates their expertise in understanding the complexities of the industry and the necessity for state-of-the-art security measures.
Thank you for sharing your knowledge on preventing fraud in the iGaming industry. Your expertise helps in establishing a safer and more secure gaming environment, building trust and maintaining integrity.
The overview of fraud in iGaming is quite concerning, and it's clear that robust prevention measures are crucial. Sift's approach seems comprehensive, especially with its machine learning-driven automation. I'm interested to know more about how Sift ensures compliance with evolving regulations and the specific features that make it a trusted choice for leaders in the iGaming industry. Thanks for bringing attention to this critical aspect!
Thanks for the comprehensive overview of the iGaming industry and its fraud challenges. The information on Sift's tailored solution is intriguing, especially with its focus on machine learning-driven automation. I'll certainly explore how Sift Payment Protection could bolster security for our iGaming operations.
In the world of iGaming, the need for strong fraud prevention measures is crucial. Recognizing the challenges and proactively implementing solutions, such as those provided by Sift, becomes a strategic move towards ensuring secure and continuous business growth in this ever-evolving industry.