A new independent investigation has reportedly found that the past year has seen iGaming firms experience a significant increase in account takeover fraud attempts in addition to elevated rates of payment and promotional deception attacks.
According to a Wednesday report from Gambling Insider, this is the finding of a recent survey from online fraud detection and payment protection software developer Ravelin Technology Limited. The source detailed that the examination from the London and New York-headquartered innovator involved 1,000 fraud and payment professionals working for online merchants in eleven nations being asked to name their top illicit threats.
The survey reportedly found that 72% of respondents believe account takeover to currently be among their top three fraud worries with 29% stating that such an activity now represents their principal concern. This was purportedly followed by a revelation that some 52% of surveyed iGaming enterprises had experienced a meaningful rise in instances of fraudsters attempting to steal funds by illicitly gaining access to player accounts.
However, the examination from Ravelin Technology Limited reportedly moreover discovered that just 64% of the iGaming firms surveyed had responded to this increased menace by instituting measures to systematically track e-mail account changes. The analysis purportedly also uncovered that only 52% of such companies are regularly monitoring login attempts with a mere 48% flagging password alterations.
Mairtin O’Riada, Chief Information Officer for Ravelin Technology Limited, reportedly advised firms to wake up to the threats posed by such fraudulent activities and begin putting systems and protections in place to more effectively monitor potentially deceitful activities.
Reportedly read a statement from O’Riada…
“Account takeover is an extremely worrying threat for merchants, consumers and banks because it’s hard to assign blame. Merchants therefore need to be able to make smarter decisions using their data and shut down or temporarily freeze compromised accounts before cybercriminals have the chance to make fraudulent purchases.”