The iGaming sector has exploded within the last (3) years and is expected to grow to $545.98 Billion in global market size by 2028. But with more success (and unprecedented revenue) comes more threats, increased risk, and more fraud losses.
AuthID.ai offers a privacy-preserving, device-agnostic, passwordless biometric multifactor authentication (MFA) solution that addresses the common challenges and growing complexities security professionals face when fighting fraud in iGaming.
Our Verified TM solution is comprised of three core components that end promotional abuse, reduce chargebacks, defend against card-not-present-not-present (CNP) fraud, and decrease the overall incidence of fraudulent activity throughout the customer journey continuously:
- Built-in ID Proofing
- Built-in Anti-fraud
- Passwordless Biometric Authentication
Fraud Prevention Challenges in iGaming
According to available research on the state of iGaming- there has been exponential growth in the number of threats and attacks facing both players and iGaming providers. This growth presents numerous challenges in the prevention of fraud and data breaches in iGaming. These challenges include:
- Credential stuffing increasing 224% year over year
- Promotional abuse and affiliate fraud
- Chargebacks and identity verification
- Card-not-present (CNP) fraud
- Synthetic identities and account takeover
Persistent criminals are driving the extreme increase in attacks for the iGaming sector, as well as the need for a persistent, flexible solution that will be present wherever they attempt to gain access is necessary.
How Verified Platform Can Help
Defend Against Credential Stuffing
Last year, the iGaming industry faced more than 10 billion credential stuffing attacks. These common account takeover attacks are often successful because users recycle their credentials – enabling credential reuse as a vector. Passwordless biometric authentication defends against credential reuse, brute force, and other password-related attacks by completely removing password risks and requiring the live face of an authorized user for login. For organizations that would like to add facial biometric authentication to their current workflows —n place of going completely passwordless—this real-time requirement would protect accounts even in the event of a password compromise.
Stop Promo Abuse and Card Not Present Fraud with Higher Identity Assurance
Built-in ID proofing available at Day Zero stops the enrollment and registration of synthetic identities. Users are required to submit valid documentation and the live face of the registered user to complete the ID-Proofing and enrollment activities; this establishes trust on first use and closes common vectors for fraud. It also removes the friction between ID proofing and authentication within point solutions by being a part of one seamless workflow.
Significantly Reduce the Incidence and Business Impacts of Fraud Across Channels
Flexible implementation stops cross-channel fraud continuously throughout the customer journey. authID’s solutions are API driven and can plug into anywhere our customers use to touch their customers, including:
- Contact centers
Win Chargeback Disputes
Chargebacks, in general, are hard to prove, but the massive number of iGaming players makes this even more difficult for security professionals. Chargebacks are caused by first-person fraud; in iGaming, the scenario may look like this: A new user creates and funds an account but loses money placing bets. This user may contact the bank to refute the transaction claiming that it is fraudulent, which will cause the bank to reverse the transaction.
Verified protects against first-party fraud by requiring the face of the account holder for successful login and transactions; can confirm receipt of a product, file, communication, or anything else by having the user verify themselves at any point in the customer journey that our customers want.
By requiring the face of the user and logging their activity, we can help gaming organizations win chargeback disputes and recover fraud losses.