More than half of online gaming companies have experienced a rise in account takeover fraud, new study has shown. Research by fraud detection and payment acceptance specialist Ravelin, revealed that 52 percent of companies in the gambling industry experienced an increase in account theft.
More than 70 percent of retail operators listed such fraud among the top three concerns along with online payment and friendly fraud, according to Gambling Insider.
Despite the rising threat and efforts to rein it in, Ravelin said just 64 percent of gaming operators track email account changes, 52 percent do so for login changes and 48 percent for password changes.
Ravelin’s Online Merchant Perspectives, Fraud & Payments Survey 2020 report contacted 1,000 fraud and payments professionals worldwide. The research put gambling companies as second in terms of attacks with around 60 per year, behind taxi firms.
“Account takeover is an extremely worrying threat for merchants, consumers and banks because it’s hard to assign blame,” Ravelin chief information officer and co-founder Mairtin O’Riada said. “Merchants therefore need to be able to be able to make smarter decisions using their data.”
