Published
Industry

Gambling companies see significant rise in account takeover fraud

More than half of online gaming companies have experienced a rise in account takeover fraud, new research has revealed.

shutterstock_412668235

Research by fraud detection and payment acceptance specialist Ravelin, showed 52% of companies in the gambling industry have seen a notable increase in account takeover activity in the past year, which is when a fraudster gains access to an account that doesn’t belong to them to steal funds.

The findings suggested 72% of retail operators believe account takeover is in their top three fraud threats, alongside online payment and friendly fraud, while 29% think such fraud is now their top fraud-related threat.

Despite the rise to the threat of account takeover and fines associated with data breaches, Ravelin found just 64% of gaming operators are tracking email account changes, 52% for logins and 48% for password changes.

Ravelin’s Online Merchant Perspectives, Fraud & Payments Survey 2020 report, draws on the experiences of 1,000 fraud and payments professionals worldwide, to provide an in-depth understanding into merchant fraud.

The research put gambling companies as second in terms of attacks with around 60 per year, pitting the industry behind taxi firms.

Ravelin chief information officer and co-founder Mairtin O’Riada, said: “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 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.”

Premium+ Connections
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium Connections
Executive Profiles
Wynn Macau
MGM Resorts Japan
BetConstruct
Bloomberry Resorts Corporation
Sightline Payments

Global Gaming Awards Asia: What to expect in 2023

Gambling Insider looks ahead to the Global Gaming Awards Asi...

The power of the rebrand

With the help of industry experts, Gambling Insider Editor T...

Evolution Europe CEO Gionata La Torre: The Italian job

Evolution Group’s new CEO Europe, sits down with Gambling...

Big Question: How can slots innovate from here?

Simon Hammon, CEO of Relax Gaming, Erkki Nikunen, Partner &...

Read Magazine

30 March, 2023

Wilfred Wong: Macau “cannot just rely on gaming”

Sands China’s President and Executive Director, Wilfred Wong, has echoed earlier calls by the Chinese Government to diversify the gambling province of Macau.