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Trust, but Verify

ID verification provider AU10TIX recently released its Q1 2024 Global Identity Fraud Report, which identifies fraud trends in a variety of global industries.

Unfortunately for operators, the online gaming industry made its first appearance on the report. It was placed third in global fraud attacks (5 percent), behind only payments (62 percent) and crypto (24 percent). That means gaming’s total was already more than the banking (3 percent) and e-commerce (2 percent) sectors (see chart, below) .

According to the report, the online gaming industry saw its share of identity fraud attacks increase by more than 250 percent from the fourth quarter of 2023 to the first quarter of 2024.

As much as 50 percent of those attacks, AU10TIX said, are attributable to bonus abusers, or those who look to take advantage of new member promotions by opening several accounts. The firm’s analysts project that this trend could slow down as global regulation continues to ramp up and more operators adopt more stringent age verification and know-your-customer protocols.

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