Key vulnerabilities of the iGaming sector – uBetMobile.com

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Key vulnerabilities of the iGaming sector – Yogonet International

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In his latest column for Yogonet, iGaming industry consultant Ron Mendelson shares the key points that online operators need to be on the lookout for to avoid online gaming vulnerabilities including fraud, money laundering, and even theft. The expert provides an analysis of the various tools online operators can make use of in this booming sector, and the risks each of them may present.

The iGaming sector is booming, and while this is excellent news for operators, it does come with risks. Millions of players and billions of dollars flowing around online mean that it has become of interest to criminals and fraudsters looking to exploit the system. 

Compliance measures are laid down by every licensing operator and national and regional authorities. These rules and processes that must be adhered to are designed to protect players and operators from exploitation. But what are the key risks facing the sector in 2022?

Prepaid cards

A pre-paid card is issued by a pre-paid provider and has a monetary value stored on the card itself. It differs in this respect from cards issued by financial institutions and makes available money from the owner’s account. 

The beauty of prepaid cards is they suit the unbanked or those that do not want to link their credit or debit card to the online world. As the money is stored on the card and not by a financial institution, it means there is no network access required at the point of sale. 

They can, however, be used for money laundering as criminals can charge them with illicit funds and use them to place, layer, and integrate proceeds throughout the process. Gambling operators should be aware of the risks but also the level of anonymity that can be present with such cards. They should be cautious with account holders using multiple pre-paid cards on one account and then withdrawing to one card or a bank account.

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But with crypto, there are risks. The technology provides users with a high level of anonymity or pseudonymity as due diligence is not typically carried out on those acquiring cryptocurrency. But this is starting to change. Rules rolled out by various governments and forthcoming ones from the European Union seek to require verification of identity before certain services are provided. 

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Access to smartphones and high-speed internet makes matters worse as it has become much easier for young people to get onto Casinos and betting sites. Operators are expected to take a range of measures to prevent this kind of activity. 

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About Post Author

Dave Petchy

I am a passionate, dedicated guy who's been living in London for 10 years now. I love good food, being creative, cycling and having fun. I'm a firm believer that anything worth achieving is worth working hard for and that you should always challenge yourself to be the best version of you possible. I work as an editor at Petchy Media – the award-winning news site that makes quality journalism accessible to everyone. I've also written for The Guardian and worked with brands like Nike, Adidas and KFC on content production projects.
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