As AI-powered security systems became a regular part of consumerism, the gambling industry is also taking steps towards the latest innovation. From novice to seasoned gamblers, the fear of data theft still lurks among many while playing real money online games.
Hence, iGaming operators are leaving no stone unturned to build credibility in the market. After all, stringent safety protocol is a cornerstone for a sector dealing with a large sum of money exchange.
Here’re the latest technologies that gambling operators are embracing to enhance their security systems.
Some gambling platforms nowadays use biometric authentication to verify a user’s identity robustly. This technology eliminates the risk of online scams by using the unique physical characteristics of a player, such as fingerprints or facial recognition.
For instance, facial biometrics can verify whether the player logging in is the same person who registered an account on the site. That said, gamblers can use their betting accounts only after clearing the biometric authentication process.
Although the technology is still relatively new, the gambling industry is positive towards the cutting-edge features of biometric authentication.
Machine Learning and Data Analytics
Monitoring and tracking security systems advanced with data analytics and Machine Learning (ML).
Statistical analysis can potentially evaluate vulnerable and underage bettors. Further, the data-powered ML models can detect patterns of suspicious activity and potential fraud in real-time. Hence, iGaming companies can quickly act against security breaches and problem gambling incidents.
Blockchain can be another game-changer in this industry. A plethora of online betting sites today accept deposits and withdrawals via cryptocurrencies.
Virtually, blockchain systems are impossible to hack. Bettors can initiate funds in their betting accounts without entering any banking details. Besides, this decentralized technology encrypts transaction details during payments. So payments via digital currencies allow players to wager anonymously without exposing sensitive data to cybercriminals.
Simply put, transactions between gambling sites and players stay entirely transparent.
The Wild casino review indicates the growing adoption of this advanced payment mode among the operators. Operators also encourage players to switch to this highly-secure banking system by releasing exclusive bonus offers for crypto users.
Transport Layer Security
Online wagering platforms are switching to an improved and more reliable version of SSL technology called Transport Layer Security (TLS). It’s a cryptographic protocol that encrypts and protects user data shared on gambling sites.
With its advanced security mechanisms, TLS solved existing vulnerabilities in the SSL system. Thus, this encryption technology is now becoming mainstream in the betting industry.
Betting sites integrate a multi-factor authentication system for real-time fraud analysis and data management. Both players and admins must complete this verification process to access the site.
Apart from username and password, it includes other authentication checks like security questions. Thus, nobody other than authorized users can access their gambling accounts.
Why Is Security Technology Crucial in the Online Gambling Industry?
Reducing cyber-attacks and online forgery are the primary reasons to upgrade security systems on betting portals. These days hackers use advanced tools and techniques to steal valuable data stored on websites. With the latest technology, operators can avoid various forms of cyberattacks. It includes:
- Account Takeover Attacks
With account takeover attacks, hackers illegally access a player’s account by sharing an infected link. It’s one of the most common security breaches in the online gambling market to execute identity or payment fraud.
In this automated attack, bad actors use bots to exploit gambling operations by stealing data from the site’s databases and APIs.
- SQL Injection
A cybercriminal takes over the database server to modify or delete data through an SQL injection attack. Hence, they gain access to the account, identity, and financial details of the site’s members.
- DDoS Attack
Hackers can crash a gambling site by introducing an unexpected surge of traffic through a DDoS attack. The bettors and gambling sites suffer due to slow loading speed.
With potential cybersecurity risks becoming more sophisticated, upgrading systems is the need of the hour for gambling sites. AI tech can identify suspicious behaviors and unauthorized access from a previously unused location/device to prevent money laundering and fraud in real-time.
As the industry adopts digital transformation, operators can efficiently protect their gambling business from online criminal activities. Moreover, providing a safe betting environment is critical for long-term player retention.