"Deep fake fraud incidents in the iGaming industry are on the rise, with a 2023 report revealing alarming rates. Online gaming operators face security threats as fraudulent cases increase, surpassing industries like retail and banking. Industry must enhance security measures and educate players to combat this growing threat."
Deep Fake Fraud Hits iGaming Industry: A 2023 Report Reveals
Online gaming and iGaming industry continue to face escalating cases of identity fraud, as confirmed by a recent report published by Sumsubcom. Unexpectedly, the gaming industry reveals one of the highest rates of deep fake fraud instances faced in 2023, which accounted for an alarming 1.6 percent of all reported cases.
The Issue of Deep Fake Fraud in Online Gaming
This rise in fraudulence presents a significant threat to the reputability and security of gaming operators worldwide, including popular online casinos. Given the growing convenience and popularity of online gambling, which has been partly fueled by the rise in mobile and live gaming, it is unsurprising that the rate of fraud is also increasing. In fact, according to the same report, the rate of such cases is even higher than industries such as retail and banking.
Why the Increase in Deep Fake Fraud?
Identity fraud and deep-fake-related incidents have grown rapidly due to the advanced tools available to malicious actors, as well as the increased digitization of industries. Subsequently, the online gambling industry is particularly vulnerable as it often relies on face recognition, document verification, and other personal data that can be easily manipulated using deep fake technology.
What Can the Industry do to Manage this?
It is crucial for the industry as a whole to prioritize security and reduce the risk of fraud. This could include implementing stronger security measures, such as two-factor authentication, thorough background checks, and continuous monitoring of game providers. Operators could further educate their players on the dangers of engaging with unverified platforms and the importance of utilizing secure deposit methods.
Wrapping Up
In conclusion, it's clear that the issue of deep fake fraud is one that the gaming industry cannot afford to ignore. Implementing stronger, more robust systems and procedures for identity verification is becoming increasingly crucial. Stay updated on this topic and other news on CasinoALMA.
