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Iovation 2020 report reveals increase in credit card fraud and bonus abuse

Mobile phone usage is still rising but concerns about security are still high, Iovation’s 2020 online gaming report has revealed.

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Online gaming transactions from mobile devices have increased 44% over the past three years, from 35% to 79%. However, 63% of consumers surveyed were deterred from opening an account via a mobile device because of concerns about the security of their information.

Other figures justify consumers’ concerns, with customers reporting a 37% year-on-year growth in credit card fraud for 2019.

The report is now in its fourth year and comes from Iovation screening more than four billion online gambling transactions; Iovation has scanned these for indications of fraud over the last 15 years.

Self-exclusion is on the rise, increasing 63%, with 363,000 reports received last year. 

Across the 16-page report, bonus abuse was the number one reported fraud by Iovation’s customers for the third year in a row, rising 72%. 

The report also found credit card fraud has risen by 37%. This should put the imperative on greater security, but has to be managed effectively, ensuring as little friction as possible for the consumer looking to comfortably use the product.

Greg Pierson, SVP of Business Planning and Development at Iovation's parent company TransUnion, said: "Providing a secure and friction-right mobile experience to onboard new players has never been more important for competing effectively in the online gaming market with new countries and states seemingly legalising online gambling every week."

Discussing deposit bonuses, Pierson added: "Deposit bonuses can be a valuable tool for attracting and retaining players. Unfortunately, a few bad apples can abuse otherwise effective programs to the point of eliminating all their value."

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