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How Online Casino can benefit from Credit Card fraud prevention?

Credit card fraud

How Online Casino can benefit from Credit Card fraud prevention?

Online casino is a global industry earning multi-million dollar revenues each year by offering gaming services and conducting gambling competitions every year for a global user base. But despite having such deep pockets and outreach to users in almost every country of the world, the online casino industry is haunted by credit card fraud as most of the users, or at least most of the accounts on these gambling websites use fake or stolen credit card credentials to access these services. Not to mention the use of illegal funds to place bets on such online casinos and betting. Some of the criminal elements also use online casino industry for money laundering activities.

All such financial scams lead to regulatory scrutiny and monetary fines, something that cuts down the revenue streams for online gaming and gambling industry. Although lack of AML Compliance and identity fraud also significantly haunt the online casino industry, here are some of the reasons why credit card fraud prevention should be on top of the list for the online casino industry.

 

Easier to Perform

There are various methods to deter credit card fraud and most of them are easy to perform which means that the user experience will remain frictionless. Credit card present practices are adopted by several online businesses in order to ensure that only the actual user with a physical credit card is using their service or in case of the online casino, the betting person is actually in possession of the credit card that he/she plans to pay for. This practice helps to eradicate the crowd that only has access to credit card information that was either stolen or leaked during a data breach.

 

Check for security features

Some credit card fraud prevention tools even allow online businesses to check for various security features present on credit cards to authenticate transitions. This kind of credit card checks come in handy when online businesses want to ensure that even if the credit card is being displayed by a potential user, whether the card displayed is actually authentic or not? Some service providers even offer to verify the credit card through the 4 last digits present on the credit card as well.

 

Easy to Integrate Solution

Now there are various forms in which credit card fraud prevention can work. Some service providers offer stand-alone solutions in which credit cards have to be manually submitted for verification. Others offer third-party plugins, that the end-user has to integrate with their web browser. But the easiest and most effective method remains to be API and Mobile SDK integration allowing users to seamlessly verify their provided credit cards. Frictionless user experience is ensured in such verification formats as credit card verification service integrates with pre-existing online gaming portals and mobile/web platforms for online gambling.

Some fraud prevention tools that verify the authenticity of credit card are able to verify the credit cards in real-time through live video streaming. Others require end-users to upload the images of their credit cards and it takes some time before they can start using the online gaming or digital casino with the help of their submitted credit cards.

 

It is high time that online casinos start cleaning house and say “enough is enough” to fake users with stolen or fake credit cards. Regulatory compliance is already a tricky matter with such online gambling ventures and it is best if they can reduce some of that bad reputation by integrating solutions that can detect and blacklist users with the fake or stolen credit card information. Such steps ensure that revenue streams of online casino industry will be supplemented by reducing the hazards that include credit card fraud or payment scams.

 

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