How AI is Used in Fraud Protection on iGaming Platforms

Digital threats are ever-increasing, with malicious actors, and the tools they use, evolving and adapting every day. In order to combat this, various online platforms need to implement state-of-the-art fraud protection technology, especially if, as is the case in the iGaming scene, they facilitate financial transactions on their website.

Arguably, the most effective form of technology for fraud prevention comes from Artificial Intelligence, or AI. Most people know AI for the smart overview that comes up on search engines, or perhaps even dedicated AI assistant bots such as Chat GPT, but this kind of technology can do much more than just assist with everyday enquiries. Let’s take a look at how artificial intelligence is effectively used on iGaming platforms to ensure fraud detection and prevention.

Fraud is bound to be an issue in any area that deals with the flow of money, and iGaming is no different. Fraudsters often use iGaming platforms in hopes of cheating their way to financial gain. There are multiple ways they do this, such as making several fake accounts, taking over other accounts, or committing payment fraud. This not only steals money from operators but also makes the play experience less enjoyable for legitimate players.

Forever, it is important to note that igame developers and platforms have strong defences. Many of the fresh casino launches hitting the market now make use of a variety of additional security measures to keep everything fair for all Australian players. This includes AI fraud detection tools as well as the ability to wager and withdraw funds using cryptocurrency, without needing to pass know-your-customer checks, and having access to attentive customer service assistance.

Behavioral Analytics

One of the most effective ways that AI can be used in fraud detection and prevention within iGaming platforms is through behavioural analytics. AI is able to observe real play and detect patterns of behaviour in legitimate users. This means that should a fraudster appear on the site, the AI can detect anomalies in the behaviour of the fraudsters and both alert and react to it in real time.

Identity Verification

AI can also be used to assist with identity verification processes on iGaming platforms, which greatly improves overall security and leads to the prevention of fraud. AI can take care of verification processes such as biometric face scanning, which ensures that only real people can create accounts, and only the account owner can access their own account. All of this makes iGaming much safer for every player and reduces the number of malicious actors gaining access to the sites.

Predictive Analytics

Another thing artificial intelligence is highly effective at is analysing current and past data to predict future events. This is called predictive analysis, and it is one of the key ways that AI is able to prevent fraud on iGaming sites. This means that AI can not only detect and react to fraud when it occurs, but can also predict future events and stop fraud from happening before it has even begun.

Conclusion

Although digital threats are on the rise and affect all of us who make use of the internet, the tools we have to combat these are evolving every day. Amongst these tools, we have AI, which is itself one of the best security tools available, especially when it comes to fraud detection and prevention. As we have explored, AI is a helpful security tool on online gaming platforms, but this is by no means the extent of its uses.