Stakeholders are up against evolving cyber threats and online attacks. (photo by Pixabay)
Stakeholders in the gambling sector are up against it. Increasing regulation, evolving cyber threats, online attacks, and consumers trying to beat the systems. But with the online gambling sector booming, it’s about finding solutions to these issues. Thankfully, there are a variety of steps you can take to keep your business safe.
From vetting to artificial intelligence and being sure to partner with only the most reputable service providers, these are measures you should integrate into your business planning.Vet vendors carefully
Depending on what kind of gambling operator you are, likely you’ll partner with several types of third-party providers. These could be game developers, web software companies, computer systems, CRMs, and many others. Before you partner with anyone, you need to be confident they are legitimate. Do they have a good reputation? Have there been any notable leaks or breaches during their company history? Do they take security and privacy seriously? Do your homework before signing on the dotted line or handing over sensitive information about your business or clients.Biometric identification
Technology has advanced significantly in recent years. Biometric identification is available to most of us every day. Our phones, computers, tablets, and even watches are secured with biometrics. Some of us even have biometric home security equipment. The reliability of such technology has also increased substantially.
Fingerprint, iris, and facial recognition is not as hit and miss as it once was. Companies can now require biometric authentication before allowing deposits and withdrawals, and even upon sign in. This can significantly reduce incidences of fraudulent accounts and account activity.AI onboarding
Artificial intelligence is being used widely in multiple sectors and verticals. From chatbots to inventory management, it streamlines processes, saves money, and delivers a superior customer experience. But in regulated industries, AI is being used in the onboarding process.
It can engage with potential clients, ask them for specific documents, and even analyze the data it receives. In the gambling sector, this can help ensure clients are who they say they are and eliminate human error.AI supervision
AI is also being used to monitor gambling activity. It’s able to root out those who might be cheating or those attempting to launder money. It’s also capable of spotting problematic gambling behavior, thus contributing to responsible gaming efforts.
AI is being used to monitor gambling activity. (photo by Wikimedia Commons)
Integrating AI and even machine learning technology can make providers more ethical while also protecting all involved. More accurate reporting can also increase an operator's credibility and accountability regarding the regulatory authorities.Follow AML rules
Anti-money laundering compliance is not an opt-in or opt-out matter. Every reputable jurisdiction binds operators by a set of rules and regulations to prevent financial crime. These rules change and evolve to make the threats that operators face. It’s up to you, the license holder, to stay abreast of any changes and implement the rules. By failing to do so, you endanger your business and reputation, as well as your customers.
Furthermore, you contribute to the perception of a growing issue in the sector which will likely result in harsher regulation for all. Thankfully, you don’t have to undertake this task alone. A trustworthy and knowledgeable
corporate service provider can take care of it all for you.Partner with proper payment providers
The payment methods you choose will determine how confident your players are to gamble with you. It will also have an impact on how safe and secure you and your details are. Partnering with obscure providers or those without an excellent track record is problematic. You will likely find yourself in trouble with players and your bank. Seek out a well-respected provider that plays by the rules.
Navigating and fully comprehending the risks can be daunting for some. Figuring out how to best combat them is also a challenge. But keeping yourself and your customers protected is paramount. If in doubt or not sure where to start, your corporate service provider
is your best bet.