Online gaming provides a lot of benefits and convenience compared to traditional casinos. However, it also comes with a lot of challenges in terms of compliance and cyber threats. In the past few years, online fraud increased by as much as 64% on average. 

Businesses need to implement proper fraud prevention methods to protect both their operations and their users. More sophisticated fraud types and cyber attacks emerge along with new types of technology and gaming platforms.

This article explores some of the most problematic types of fraud in iGaming businesses can face, as well as the best methods that can prevent them. 

Online gaming fraud explained

In the context of this article, online gaming fraud refers to the exploitation of online gaming platforms for someone’s individual gains. This can mean that they use the platform to steal accounts, and funds, manipulate games, or launder money. 

The accessibility of online gaming platforms allows individuals from different walks of life to play. But, this also attracts wrongdoers who have intentions of exploiting the platform’s users or the platform itself. 

Gaming fraud can be conducted by professional hackers who leverage cyber attacks to exploit the platform’s vulnerability. On the other hand, it can be something as simple as an individual creating multiple accounts in order to get bonuses or manipulate tables in games such as poker. 

Businesses need to pay attention to fraud that happens on their platform, as it can lead to other users losing trust in the platform. Furthermore, if fraud happens repeatedly, the platform can draw the attention of the regulators, leading to lost licenses or fines.