Online Gambling is a fast-growing industry with millions of people worldwide gambling on various platforms. It has also become one of the most lucrative sectors of the global economy.
However, like any other business, online gambling has its own set of risks. These include fraud, identity theft, and a high chargeback rate.
Fraudulent players often spend large amounts of money on online gambling sites, thereby damaging their operators’ revenue and causing them to lose bonuses. This can lead to huge fines and even jail time.
As a result, most online gambling operators have moved their businesses offshore to avoid the strict regulations that affect US-based online gambling operators. SEON can help operators comply with these strict regulations, offering robust and sophisticated software and a dedicated fraud analyst team to spot potential threats before they can impact their bottom line.
Moreover, the solution is cost-effective, as it saves operators the cost of running full document verification/KYC checks. In fact, it can be used as a pre-KYC check, weeding out obvious fraudsters before they are allowed to sign up.
Identity theft is a serious issue for online gamblers. The most common forms of identity theft involve credit cards, bank accounts, social security numbers and other personal information.
In addition to identity theft, fraud also occurs from nefarious individuals who steal player data and then use it to make fraudulent withdrawals or deposit funds. This type of fraud can have a significant impact on an operator’s revenue, leading to loss of bonuses and higher chargeback rates.