A Serious Increase to Online Gambling Fraud Has Been Found
One of the problems that we have to deal with in the online gambling industry is fraud. A big part of this is the simple fact that online transactions are dealt with in bulk. No matter which industry you’re dealing with, fraud will always follow in a situation like that.
However, the increase of 9 percent of fraud in online gambling in 2020 is still a big deal.
There are a handful of potential reasons for this increase. However, what’s important to note is that it has to be kept in the context of other information that comes from the same data set. This information includes things like the increase in online gambling transactions in general. It also includes things like comparisons to the previous year before the pandemic.
In short, there are a lot of factors at play here, and sometimes they give an unclear picture. With that said, we can definitely draw some important conclusions about how players should react with account security.
The Larger Data at Hand
TransUnion’s study gave us a tremendous amount of data to sort through. From this data, we can draw all kinds of conclusions and spot all kinds of patterns.
A really interesting one is that the share of mobile online gambling decreased in 2020. This is the first time that’s happened in several years. It’s thought that this happened because of the pandemic. Specifically, it’s thought that more people were playing from home via desktop. This subsequently means fewer people would be out playing via mobile away from home.
That may seem like a random “fun fact,” but it could actually be related to the issue of increased fraud. Desktop platforms don’t have as strong of a level of security as mobile in many cases. For example, biometrics like fingerprints are often used to log in with mobile devices. You don’t see that same level of verification with desktop-based platforms.
Keep in mind that 69 percent of all transactions were still happening via mobile. That doesn’t mean that desktop is taking over. It only means that mobile lost a little bit of ground. Also keep in mind that this isn’t expected to be a trend over the next few years. Most experts consider it a blip on the radar, so to speak, due to the circumstances of 2020.
Some Good News in This
Some good news also came out of this data. While there was a 9 percent increase in online gambling fraud, there was a 19 percent growth in online gambling transactions in general. What this shows is that from 2019 to 2020, growth in numbers of transactions very much outpaced growth in fraud.
What’s really interesting is that the rate of attempted fraudulent transactions actually increased by 46 percent total during the same time.
What Players Should Do
Online gambling transactions don’t seem to be targeted specifically if we look at the data. However, that doesn’t mean that the increase in fraud is something that players should ignore. Because of this, we offer a few simple things you can do to drastically increase security on your account:
- Use a special email address for your accounts that you use with nothing else. Give this email to no one.
- Make sure that the passwords used for that email and your online casino accounts are different.
- Don’t use either of those passwords for any of your other types of accounts for any reason.
If you take just these three steps, it makes it much harder to get into your account. As a result, you’ll have a more robust, preventative strategy against fraud.