Early online fraud detection can save gaming operators millions of dollars
The iGaming industry is one of the sectors that has benefited the most with the integration of technology. Specifically, the use of artificial intelligence (AI) is an ally in the prevention and mitigation of fraud. For the gaming sector, it is essential to have accurate and detailed data management and analysis, something in which technology has proven to be more than efficient.
Adequate data management and the important role of security is essential to avoid risks; however, this has become a difficult task for iGaming operators, due to the large amount of data received and handled. This is where AI comes in, helping to analyze mainly unstructured data (data that is not easy to classify), even in real-time. Not only does AI have the ability to identify fraud, but it is also able to learn and create models that help detect a similar one the next time, automatically. The biggest advantage is that, with each analysis, cognitive computers are learning and getting smarter, allowing them to detect increasingly complex frauds in an automated way.
Another application of AI as a security ally in the iGaming sector is the use of machine learning to support more informed predictions about the possibility that a player is breaking the rules of the platform and wants to cheat the system.
Identity theft crimes, for example, are on the rise and this causes millions of dollars in losses to organizations related to this industry. This is where AI can be very useful in detecting anomalies and patterns to reduce the chances of such fraud. It has the ability to identify if a player claims to be who they are and mitigate the occurrence of a crime which at the end of the day could save the suspension of services or millions of dollars in losses in an online casino.