Along with the increase in traffic for online gambling firms the frequency of fraud attempts is being experienced by the industry. According to an independent investigation into the depth of the problem it has been revealed that in the last year there has been a huge increase in account takeover attempts in addition to higher rates of payment and deceptive promotional assaults.
The recently published survey generated by online fraud detection and payment protection software developer Ravelin Technology Limited revealed startling results that included 1,000 fraud and payment professionals working for online merchants in eleven jurisdictions. These professionals were asked to identify the fraudulent threats.
The top fraud concerns were 72% account takeovers and 29% believed this threat the most critical. 52% of the responses revealed online gambling operators have experienced an increase in attempts to steal account funds by insecure access to the consumer’s accounts.
Ravelin Technology Limited headquartered in London and New York was surprised to uncover the fact that only 64% of the online gambling firms examined had made a response measure to counter the increased threat including such measures to systematically track e-mail account changes. It was also discovered that only 52% of such companies are regularly monitoring login attempts with a mere 48% flagging password alterations.
Chief Information Officer for Ravelin Technology Limited, Mairtin O’Riada, has advised firms to wake up to the threats posed by such fraudulent activities and to begin installing systems and proper protections in place to monitor fraudulent activity. “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 make smarter decisions using their data and shut down or temporarily freeze compromised accounts before cybercriminals have the chance to make fraudulent purchases.”
