iGaming Industry’s Losing Streak: Multibillion-Euro Fraud Woes Rise with AI
The European online gambling sector is caught in a high-stakes game of cat and mouse with fraudsters. Losing over €5bn annually, the industry is grappling with identity fraud, money laundering, and bonus abuse. With AI-generated fakes on the rise, it’s time for iGaming companies to up their security ante.
Hot Take:
Looks like the house isn’t the only one winning big in European online gambling – fraudsters have hit the jackpot too! With deepfakes and bonus-abusing bots on the rise, it’s like a heist movie, but with fewer ski masks and more mouse clicks. Time for iGaming companies to roll the dice on some serious cybersecurity strategies before they go bust!
Key Points:
- European iGaming sector loses over €5bn annually to fraud.
- 83% of surveyed compliance professionals report increased fraud.
- AI is being used for identity fraud and bonus abuse scams.
- Current fraud prevention methods are only 54% effective.
- Experts recommend a multi-layered security strategy.
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