Identity fraud and gambling: negating the three main risks
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$42 billion was lost to fraud over the last few years. More people are transacting online. Cybercriminals try to gain access to sites, databases and the personal information of users.
Synthetic identity fraud is where a mixture of real, fake, or wholly fake information is used to open a bank account. The most at risk are younger people with little to no credit history. Account applications made in their names are less likely to be flagged by financial institutions. In the online gambling world, accounts can be set up with fake or stolen credentials and then used for illicit activities.
True identity fraud is a type of fraud where a criminal uses your actual information to create new accounts or take over existing ones. This kind of identity Fraud is especially a threat to the iGaming industry. Some companies have started verifying the opening of accounts via real-time video chat.
Fake identity fraud is where a genuine document is reproduced, edited, or manipulated in an unauthorized manner. Counterfeit identities are becoming more difficult to forge as electronic passport technology makes them more hard to forged.
Online gambling operators must take steps to prevent fraud and ensure their clients' private information is saved securely. They must also have comprehensive onboarding procedures in place, including several forms of identity verification. Fast Offshore has more than two decades of experience in online gambling, fraud prevention, and compliance. It has assisted countless operators in tightening their processes and policies. It also audited, conducted risk assessments and more. The company advises its clients to engage an experienced corporate service provider.
