We sometimes tend to give more attention to our physical security than we do to our online safety.
Securing your online casino
But do you know that as the online casino industry grows, so does the number of cybercrimes targeting the sector?
An industry worth $93.0 billion will definitely not pass the attention of threat actors.
Actually, a recent study revealed that about 70% of online casinos experienced cyberattacks, making this sector the third most eyed by malicious actors.
And, of course, faulty payment methods contribute a significant percentage of this number.
So, as an operator, you may want to explore a list of best payment providers for iGaming companies as part of your initial mitigation measures.
The following article touches on this subject and will help you add some knowledge to what you already have.
Some important statistics for you
Do you actually know that, according to Wifi Talents, about one in four online casino gamers have encountered payment-related scams? You definitely do not want to be part of these statistics.
It even gets worse as the online gambling sector is believed to lose up to $45 billion every year to fraud. This is a complete pain for companies, especially now that we know that the house must always win.
Since security has become a crucial consideration among players, adopting necessary measures to ensure players’ safety can be a great way to stand out.
Especially now that more than 60% of gamers are concerned about their safety, that can really appeal to such audiences.
Plus, we rarely keep quiet about our experiences, so if users perceive your platform as secure, they can recommend it to their friends, leading to more organic growth.
Improving the security of payment methods
The power of artificial intelligence
Indeed, you cannot now think of any industry or business where AI is not casting its shadow. In payments, for example, it allows operators to better manage or identify potential risks.
The big plus is such processing of a vast amount of data in an instance, which is otherwise impossible for humans.
Let’s say you have more than 1 million visitors in a week on your online platform, and only two to three players reportedly have different withdrawal patterns.
You will agree that it is quite impossible to notice such minor changes if you were managing the platform manually.
But with AI, all that is possible. Tools like Fraud Detection Pro apply machine learning algorithms to conduct risk assessments and use various factors to assign scores to every transaction.
That way, payment managers can tell whether to permit or reject payment requests based on how likely the transaction is thought to be fraudulent.
And beyond just minimising fraud, AI can greatly improve customer experiences at checkout. As you may know, about 45% of customers will not re-use a payment after a single false decline.
42% won’t even do return business if they find such an experience, which can be quite painful for your brand.
The best part of AI is that it can analyse new data quickly and reduce the risk of false declines, which, in the long run, leads to better customer experiences and business performance.
The power of MFA
MFA is not really new and uses at least two independent factors to verify users’ identity. In most cases, the factors will fall into the following categories:
- Something you are, that is biometrics like your fingerprints, voice recognition etc.
- Something you have, including physical devices like smart cards
- Something you know, like your PINs and answers to security questions
So, even if your password is hacked, the extra layers ensure unauthorised actors cannot access your data further.
Studies show that players who adopt MFA can minimise exposure to attacks by about 99.9%. And, implementing this infrastructure can actually improve your brand perception.
A study by Jump Cloud found that more than 50% of users held a positive opinion of such platforms.
In fact, in countries like the UK, 67% of customers believed that implementing MFA proved a company’s commitment to protecting users’ data.
And in an era where acquiring new players has become quite an uphill task, using such strategies can really help you to stand out.
Implementing MFA can also reveal you as being regulatory compliant. Remember, scams are on the rise and different jurisdictions are enforcing measures to ensure their citizens are protected, and you don’t want to miss out on such audiences just because you weren’t compliant.
The casino industry today is very different from what it was about two decades ago.
The sector has grown to become a multinational phenomenon, thus drawing the attention of threat actors. That means that if you don’t exercise caution as you interact, you stand a great chance of being attacked.
And one of the areas that is mostly targeted is payments.
You have already seen from the statistics that about 25% of players have witnessed payment-associated attacks. If, as a company, you create ways of ensuring players’ safety, you can greatly improve performance, more so because of improved brand trust.
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