Jumio Reveals Top Fraud Tactics Used On eGaming Operators
Palo Alto, California, US & London, UK – June 12, 2014 – Jumio, Inc., the fast growing mobile credentials management company, today revealed insight into how fraudsters target eGaming operators, in conjunction with the release of a new white paper, “The Fraudsters Playbook: Five tricks that fraudsters use to target eGaming operators”.
This white paper includes details and insider knowledge from ex-fraudsters and law enforcement officials who know first-hand how fraudsters are targeting online gaming, with advice specific to the industry.
The online gaming sector has grown by over 20% a year for the last decade1 but, unfortunately, card fraud is also on the rise, with fraudsters from Las Vegas to London threatening the safety of online gaming sites,” says Marc Barach, chief marketing and strategy officer, Jumio. “More and more operators are turning to Jumio to help them verify customer identity so here’s our support for the industry to share insight, helping operators understand the current methods used by fraudsters so they can better protect themselves and their customers.”
The research uncovered in the white paper includes:
- How fraudsters stack the deck in their favour by infecting other players’ devices with malware so they can see what hands their opponents are playing
- How fraudsters will try to cover their tracks on eGaming sites when using fraudulently obtained card details by using prepaid cards
- How fraudsters group together and work as a team to help each other launder money at peer to peer gaming sites
- How fraudsters take control of payment tools commonly used to fund gaming sites
- How the latest incarnation of the Silk Road is a thriving market for advice on how to target egaming sites and how player account details are available for sale
“Fraudsters love online gambling, not just in their spare time for a bit of fun but also in their work time as a revenue stream. Doing fraud against gaming sites means that there are no goods obtained through fraud that need to be sold on, just cold hard cash ready to be realised”, said Tony Sales, convicted ex-fraudster currently working as a fraud prevention consultant.
“As an industry, egaming operators are mandated to keep crime out of gambling and at www.mrgreen.com we invest time and money to do so using services such as Jumio. It’s always good to understand what the enemy is thinking so we welcome this research and urge the industry to stay one step ahead of the fraudsters”, said Ian Bradbury, Head of Payments & Fraud at Mr Green.
A copy of the report, detailing these step-by-step processes of fraudsters, can be found here.
Jumio is a next-generation payments and ID software-as-a-service company that utilizes proprietary computer vision technology to reduce mobile/online payment and ID friction and fraud, while increasing revenue and customer satisfaction.
The company’s mission is to provide its clients with intuitive, consumer-facing technologies that make it possible to conduct a wide range of mobile transactions without a single keystroke.
Half of the top 10 consumer internet companies, along with hundreds of other retailers, financial institutions, marketplaces, gaming companies and more have adopted Jumio products to enable their customers to efficiently speed through sign-up and checkout processes yielding not only higher completion rates but an improved customer experience.
Jumio has received numerous innovation awards from leading industry associations and is listed on The Sharepost 100 as one of the world’s most innovative and compelling private companies.
Jumio was founded in 2010 by CEO Daniel Mattes and is backed by top tier investors including Andreessen Horowitz, Citi Ventures and Facebook Co-Founder, Eduardo Saverin. Headquartered in Palo Alto, Jumio operates globally with offices in the US and Europe and processes credentials issued by over 100 countries.