AI is providing safety and security for iGaming payments the way no other solution can
The payments ecosystem in the iGaming industry has become a priority, and operators continue to opt for artificial intelligence (AI)-based solutions to shield against fraud. The volume of electronic sales and transactions is gradually and progressively increasing as supply grows in such a market, so it is of utmost importance to have the necessary tools in place to prevent people from circumventing the system.
Machine learning is a powerful, real-time tool that traders can use to reduce the incidence of fraudulent transactions. It relies on data science, AI and information processing to analyze all possible resources in order to detect patterns that reveal fraudulent behavior and transactions.
Thanks to AI, machine learning gradually adapts to improve its own efficiency day by day. This is achieved by analyzing certain behaviors and recognizing patterns amidst the different instances of digital fraud. AI systems have the ability to process high volumes of transactions, as opposed to manually reviewing and preventing transactions. This makes it much easier for specialists to detect when something is wrong.
AI performance improves over time as more and more transactions are analyzed to generate knowledge and efficient responses to potential fraud. In addition, these solutions focus on detecting fraud before each transaction is completed; this significantly reduces the operating costs of each online casino.
Machine learning, coupled with AI, has the ability to prevent and combat card-not-present (CNP) fraud, chargebacks, account takeovers and transaction laundering, among other types of fraud. As such, fraud prevention platforms use AI technology to generate risk scores that enable companies to effectively eliminate fraudulent transactions without rejecting legitimate ones.