Online casinos can take advantage of new AI-based tools to verify account identification
Technology has become sophisticated to the point that online identification theft is a constant threat. Online casinos are required to ensure that anyone creating an account can have his or her identity verified, which now requires a greater level of sophistication than the tools used to conduct the fraud. Artificial intelligence (AI) is enabling new methods of fraud detection online, helping casino operators better protect their users and their platforms, while conforming to gambling regulations.
Companies such as NICE Actimize have been working on solutions that take advantage of AI’s capabilities to provide onboarding and verification solutions. These tools can target fraud loss that comes from the use of stolen or “synthetic” identities when accounts are created, offering a multi-layered, end-to-end approach to fraud detection and elimination. They offer a real-time response that is able to prevent fraudulent activity as it happens, reducing the risk of fake account creation and possible money laundering.
Explains Trace Fooshee, an analyst with the Aite Group, “Investments in new account fraud controls have justifiably occupied top priority among fraud executives looking for a more effective means of balancing risk and client experience. Robust application fraud controls that enable organizations to more effectively monitor and quantify risk throughout the entire lifecycle of the relationship empower the organization to more effectively optimize profitability by minimizing risks without sacrificing acquisition and retention objectives.”
Tools such as the one introduced by NICE are able to integrate with an operator’s existing identity verification system to incorporate data identity risk scores using advanced AI-based analytics. This facilitates monitoring of the account as it is being opened, as well as after the fact to alert to any suspicious activity.