Online Gambling is an exciting hobby that allows you to play your favorite casino games for real money from the comfort of your own home. It is one of the most popular forms of gambling in the world, with millions of people signing up for accounts on various platforms daily.
iGaming Fraud: The Cost of Losing Players
Fraud is a major problem for all online gaming operators, with countless hours wasted on chasing fraudsters and improving processes to reduce risk. Not only is it costly for operators to lose players, but it also has a serious impact on their reputation with payment processors and customer service.
Account Takeovers and Bonus Abuse
A common fraudster strategy in the gambling industry is to take over a player’s account through multi-accounting, which involves using multiple accounts to place bets on the same game or table. This method can be used to abuse bonus offers or make fraudulent withdrawals from a player’s account.
Carding
Another method used by fraudsters is to use stolen credit cards and IDs to make deposits at an online gambling site. This is done in order to hide the source of funds, and it is often accompanied by other forms of scams such as money laundering.
In-Game Cheating
The iGaming industry is overcrowded, and competition is fierce between operators. This means that platforms that attract a large amount of traffic tend to offer better services. This includes a wider range of promotions, bonuses and games. This also gives them the opportunity to develop new products and offer unique game variants to their players.