Gambling is fun and probably the most thrilling experience out there. It is so vast that an estimation suggests that 26% of the global population is using some kind of gambling service to bet.
And, in this ever-growing gambling industry, the risk of getting scammed has also skyrocketed. In fact, according to a recent report, the average gambling scam rate has reached 7.6%, which was approximately 4.2% higher when compared to the previous year.
But what exactly is an online gambling fraud, and what steps can you take to avoid it? Let’s find out in this read.
Online gambling fraud as the name suggests is an act of manipulation, where the exploiter uses a range of techniques to extract their gains from the gambling site. Gambling sites are widely accessible, especially after the 2020 pandemic, when the rise of it suddenly boomed in the market.
This means that millions of people across the planet are using these platforms to make tons of transactions daily along with their sensitive data that can be further used by these online fraudsters.
This is why, it is always advised to players to go for a gambling platform with proper online casino licensing, especially for the players who often wonder if “is Highway Casino legit or not. As they are usually well-versed with all of their transactional and other rules.
Do You Know?
According to a survey, about 47% of customers say that they will abandon the platform for an alternative if they encounter any difficulty with the payment process.
Online gambling fraud usually works by exploiting the vulnerabilities within the betting platform. One such factor concludes the absence of face-to-face interactions, creating a form of anonymity between the operators and the legitimate users.
This anonymous environment of online gambling allows fraudsters to exploit the major loopholes in the system. Which is often done by using a stolen credit card or engaging in fraud with a new account.
While these online scammers often come up with some new and innovative ideas to exploit the platform, there are some common methods they usually use, the most prominent one of them being multi-accounting:
Multi-accounting is a scamming technique, in which the fraudster creates a dozen of accounts on gambling platforms by using all the fake credentials in order to extract the major benefits. So, here’s how multi-accounting exploits different schemes of this platform.
With a massive increase in players attracted daily to gambling websites, criminals are also following the market to extract the major benefits. So, here are some of the common consequences an online gambling website faces from fraud:
Unfortunately, the growth of these online platform has significantly increased the chances of online exploiters to target both the users and the platform. Some of the major hotspots of gaming fraud include emerging markets, where sites like gambling and betting are on the rise. And, when it comes to the target users, they are often the younger generations or some high-value players who don’t care to lose.
Do You Know?
Cyberattacks not only hurt a business financially, but they can also damage a company’s reputation and public perception. In fact, 60% of small businesses go out of business within 6 months of a cyberattack.
Artificial intelligence has been making waves in different fields, and when it comes to fraud detection. Businesses are leveraging some powerful AI-driven methods such as machine learning or analyzing large databases by using AI algorithms to combat these challenges.
In closing, gambling fraud is a serious concern that can hamper the whole system of an organization, leading to significant losses. By implementing robust security measures, like acknowledging cyber experts or even implementing AI-driven solutions, businesses can ensure a safe and fun gaming experience for all. Also, learn about Car Recovery Services by reading this article.
