December 9, 2023
Annapolis, US 50 F

iGaming Fraud: How it Effects Businesses and How to Protect Yourself

As the internet grows older, so do all the great features useful to everyone, but sadly this includes scammers. Their seemingly unstoppable movement and fraudulent activities are a nuisance to everyone on the internet. iGaming is a field in which they have made countless efforts to tarnish the reputation of platforms and rob their users and them.

One way they do this is by targeting the most popular casinos featuring lots of casino table games recommended by experts. This method ensures they reach a massive market and make out the biggest payouts. To prevent these scams and many more, the biggest countermeasure is being aware and actively countering them.

What is online iGaming Fraud?

Online iGaming frauds see cybercriminals who look to abuse, rob, or defraud these operators and their users. These scams take a plethora of forms, ranging from multi-accounting to abuse of bonuses and games, affiliate fraud, and even money laundering. These scams have led to consumers losing up to 5.8 billion U.S. dollars, increasing yearly.

iGaming fraud refers to any unlawful or detrimental practice or scheme carried out by fraudsters in order to extract funds and other benefits from an iGaming company. But there are also smaller-scale schemes that prominently feature account stealing, stolen credit cards, chargebacks, and phone top-up abuse, to name a few. These attacks are targeted at a specific user rather than the whole iGaming company.

Sadly, the online iGaming industry attracts a lot of fraud due to its large accessibility as well as its direct connection to funds. Additionally, the industry’s past filled with scammers does not help the situation. The only upside is that each scammer equally attracts the interest of regulators and legislators. This improves the industry, shuts down, and keeps the scammers at bay, making it better for its users. If you’re interested in learning more about iGaming and affiliate marketing, you can check out the website for more information.

The most common iGaming scams

Knowing how scams work and what they do can help individuals and companies combat them optimally. Here we have listed some of the most common scam attacks to watch out for.

Multiple account fraud.

This is the core of which many iGaming scams are built. It entails the process of scammers creating hundreds, even thousands of accounts using fake credentials to tilt the balance in their favor online. The schemes that come from this fraud are very common and here are some of the most popular.

  • Bonus abuse. Bonus abuse uses numerous fake accounts benefiting from the new signup bonus, coupons, or free funds the iGaming company gives out. This takes an amazing advertising tool iGaming companies to use and turns them on their head. Bonus abuse, if not caught, can quickly make a platform run at a loss if not regulated properly.
  • Chip dumping. This practice is used at poker tables and works in a way where multiple accounts join the same poker table. Then they cheat the system by influencing the results in favor or against one particular player.

Stolen credit cards.

Scammers use stolen credit cards or credit card information and register accounts on iGaming websites. Then they use them to their limit and use that money for their own benefit.

Phone top-up abuse.

Phone top-up abuse uses phishing and fake advertisements that trick people into willingly funding the accounts of scammers. These payments are tricky since they often cannot be refunded.

How to keep yourself protected

iGaming scams and other scams are mainly countered by taking proper precautions and protecting your devices and accounts. Great tools for individuals are VPNs, password generators, and two-factor authentication. Companies should work on increasing their website security by implementing systems such as device fingerprinting, digital footprint analysis, and IP fraud analysis.

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