Fraud.com Set to Combat the Rising Gambling Fraud Issue

According to a CNBC article in August, there has been a considerable jump in online fraud attempts in 2021 compared to previous years. According to cited data from a TransUnion report, the number of cybercriminals targeting the gaming sector soared to 393% worldwide. In the US, the gambling fraud rate reached close to 262%. Suspected digital fraud attempts went up 16.5% globally and 17.1% in the US compared to the 2020 numbers. Plus, one in three consumers said they were targeted by Covid-related fraud attempts, with a third falling victim to the respective attempts.

People Are Eager To Spend More Online

As people’s spending habits have slowly started to return to pre-pandemic numbers, fraudsters are given more opportunities online. Plus, the fact that the gambling industry has not stopped its upward trajectory also contributes to the rising trend of digital fraud attempts. 

Ranging from fraudulent charges on credit cards or theft and phishing attempts, there are numerous risks that gamers are subject to every time they go online and decide to wager real money. While it is essential to know how to recognize and counteract an ongoing scam, it is also critical for more fraud prevention work to be done. 

Fraud.com Was Created to Prevent and Detect Fraud  

This is why the Fraud.com platform has been created. Fraud.com is a website that aims to fight off fraud in the gambling sector. The platform is backed by Telefónica Tech Ventures in Spain, which is the investment branch of Telefónica. 

Fraud.com has been designed as an end-to-end solution meant to streamline the prevention and detection of digital fraud in a number of industries and sectors. Businesses using the platform would be given the necessary tools to identify, manage and report cases of fraud within their organizations.

The platform is aimed at stopping criminal activity with the help of three components: fcase, Udentify, and aiReflex. AiReflex plays the role of a prevention product aimed at helping businesses recognize and stop complex fraud scenarios. Udentify uses artificial intelligence to check people’s identity, while fcase brings everything together, playing the role of a centralized automation hub.

In an official statement, Fraud.com has mentioned the growing sophistication of criminals and the fast pace at which technology has kept growing as arguments for making the investment. CEO and Founder Emre Sayin warned about the long-term financial losses caused by fraud. He also highlighted that it’s not just banks and payment operators that can easily fall victim to fraud.  

Any type of company that needs to verify the identity of its customers and complete financial transactions, gaming companies included, is likely to become more vulnerable to digital fraud attempts. How efficient would such a system prove to be in the long term, remains to be seen.