A new platform has been launched that looks to confront fraud in the gambling industry. Fraud.com is a website backed by Telefónica Tech Ventures, the investment arm of Spanish telecoms giant Telefónica.
It aims to streamline fraud detection and prevention, and reduce criminal activity by bringing three systems together in one end-to-end solution.
The platform offers three products — Udentify, aiReflex and fcase — that, according to Fraud.com, give businesses the means to detect, manage and report fraud within their organisations more efficiently.
Udentify relies on AI to verify people’s identity, aiReflex is a fraud prevention suite that can help businesses recognise and prevent complex fraud scenarios and fcase functions as a centralised automation hub to tie everything together.
In a statement, Fraud.com cited the increasing sophistication of criminals as a reason to invest in its solution, with the platform’s CEO and Founder Emre Sayin warning that fraud-related financial losses will only compound over time.
“It’s both an exciting and a daunting time to be working in the field of fraud detection and prevention. On the one hand, the growing threat to businesses and customers is worrying; on the other, the pace at which technology is developing to address more sophisticated attacks, such as deep fakes, is inspiring,” remarked Sayin.
“It can be tempting to think fraud is only a problem for banks or payment operators, but the reality is far wider. Any organisation that needs to verify customer identities or handle transactions — including gaming companies — is vulnerable to fraud, and as the fraudsters become more sophisticated, so must the systems that stop them.”