Effective Fraud Management for the
Online Casinos
The fraud management industry has seen a surge in online casino gambling
companies joining the community fraud management systems. Companies like
Iovation, Ethoca, and others offer the internet gambling industry a way to team
up with the other internet gambling companies and share anti-fraud information.
And for the skeptics in the industry, Iovation has announced its fraud
statistics for the beginning of 2008 –nearly one million fraud attempts were
blocked by Iovation’s innovative community management system.
Community-based fraud management pools information across all of the online
casinos on the network. That way if a fraudulent transaction is flagged at one
gambling or ecommerce site, the fraud management technology uses that
information to protect all of the other companies on the network. The Internet
has become an increasingly pervasive platform that is vulnerable to hackers and
fraudsters looking to target unsuspecting gamblers. The online casinos have
previously been a major target for criminal activity and fraudulent activity
when the ecommerce technology was fairly new.
Anti-fraud companies though are a new fad – one that is actually a trend you
want to jump on for once. The Vice President of Marketing at Iovation commented
on the results report released for the first quarter of 2008, "As eCommerce
continues to grow at a rapid pace, Iovation is seeing similar growth trends in
the amount of online fraud and abuse that is occurring across multiple
industries.” According to Iovation’s data, the fraudulent activity originated
from more than 230 countries all over the world and the shared data network
allowed Iovation effectively protect the companies on its network from more than
900,000 suspect transactions and activities – and that is just for the beginning
of the year!
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