Artificial intelligence has proven itself a powerful tool in combatting online theft
As technology advances, so does the possible advantage that criminals have. The Internet, smartphones, VPNs and more can be hijacked to some extent by those with nefarious intent. The iGaming industry has also been targeted by criminals for laundering money. These criminals open accounts with fake details, or multiple different accounts, and place a few small bets before withdrawing large sums. This essentially cleans the money and makes it seem legitimate. But technology is working hard to fight back against financial crime and artificial intelligence (AI) is giving the iGaming industry unbeatable tools to protect themselves and their users.
The increased usage of smartphones allowed criminals to carry out illicit financial crimes more easily. Connecting to Wi-Fi means the cybercriminals are harder to trace and their portable nature makes it easier for them to commit more crimes. At the same time, viruses for mobile devices can be deployed to hijack user data with little protection. However, AI is helping iGaming operators in the war against fraud in online gambling. It speeds up verifications, processes KYC (Know Your Customer) policies, conducts due diligence and detects suspicious patterns faster and more accurately than other alternatives.
Machine learning applications and big data may be used on their own or in conjunction with AI to mitigate risks further. Biometric and digital authorization, which have seen substantial improvements over the past year, are a great way of stopping criminals in their tracks. Biometrics can secure transactions on eCommerce sites; a fingerprint or scan of the eye at the point of sale can ensure the purchaser is who they say they are. iGaming sites are also adopting this technology and using it when processing deposits and withdrawals to provide an additional layer of protection.