Fraud.com Set to Combat the Rising Gambling Fraud Issue
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There has been a rise in online fraud attempts in 2021. Cybercriminals targeting the gaming sector soared to 393% worldwide. In the US, the gambling fraud rate reached close to 262%. Suspected digital fraud attempted went up 16.5% globally and 17.1% in the U.S. in 2020. One in three consumers said they were targeted by Covid-related fraud.
Fraud.com was created to prevent and detect digital fraud. It is backed by Telefónica Tech Ventures in Spain. The platform is made up of fcase, Udentify and aiReflex. CEO and Founder Emre Sayin warns about the long-term financial losses caused by fraud and the growing sophistication of criminals. He also points out that any company that needs to verify the identity of its customers and complete financial transactions is more vulnerable to digital theft.
