As iGaming and sports wagering continue to grow in the United States and globally, an important challenge the online gaming industry faces is: cybersecurity. Gaming operators and its affiliates have the task of ensuring a player’s money and information is secure.
Identify theft and ransomware are among some of the security concerns the gaming industry is looking to tackle. According to a PurpleSec report, in 2020 ransomware accounted for approximately $20 billion in damages globally. Cybercrimes can hamper the growing trust between the online gaming industry and its consumers. Danny Hakimian, Business Development Lead at Onfido, discussed the importance of security in the growing online gaming industry at a recent SBC North America panel on ‘How the cybersecurity market is protecting US operators.’
“We’re increasingly seeing a world where everybody understands the sensitivity and the importance of their own personal data,” said Hakimian. “There’s now a growing expectation among consumers that you are doing the sufficient means to meet your compliance standards, and you are safeguarding their data.”
Hakimian added that security and fairness are an integral part of building trust with consumers.
David Toone, Agent at Nevada Gaming Control Board, believes a proactive approach with regards to cybersecurity can be very beneficial. Toone says as the industry moves forward and more people have conversations about cybersecurity, it helps in catching up with preparators and groups looking to commit cybercrimes.
“With all the negativity surrounding [cyber] attacks, yes there’s been tremendous losses monetarily, and from an information standpoint, privacy is out the window,” said Toone. “But a silver lining is that we can use this as a catalyst to move forward and get good work done.”
Payment technology companies are another integral part in the online gaming space that are working hard in building trust between gaming operators and consumers. Payment methods such as Mazooma’s bank account-based payments are supported by a state-of-the-art risk management system. Transactions through Mazooma are authenticated by Plaid’s user-initiated bank account verification and undergo a balance check. Then, Mazooma’s real-time decision engine performs sophisticated risk management checks, improving prevention and detection of fraudulent activity. Payment technology with improper verification and authentication can lead to severe crimes, such as the recent case where a man was charged for using stolen identities to create online gaming accounts.
To ensure consumers don’t face identity theft or fraud, gaming operators must ensure they meet regulatory standards and also provide safe and secure payment methods. A safe and secure gaming environment will guarantee a player’s trust and confidence.