I’m really looking forward to the upcoming Dominican Republic Caribbean Gaming Show and Conference in Santo Domingo. As one of the presenters on the online gaming panel, I will examine strategies for identifying high-risk transactions that help sportsbooks and online casinos prevent fraudulent activities like financial fraud, money laundering, fraudulent deposits, player collusion, bonus abuse and account takeover.

Last year more than 60 of iovation’s online betting, poker, sportsbook and casino customers reported and shared 350,000 fraud and abuse attempts through the ReputationManager 360 device reputation service, including the likes of William Hill, Entraction and WagerWorks. These experiences are shared along with our knowledge base of more than 500 million unique devices (computers, tablets and mobile phones) which online gaming sites leverage to gain insight into suspicious activity to prevent fraud before it happens. (more…)

The BBC News has posted a report that the Serious Organized Crime Agency (SOCA), based in the UK, is warning individuals to avoid online money-making schemes that turn them into unsuspecting “money mules.” The article explains:

Fraudsters are using a variety of bogus and legitimate recruitment channels to con job-hunters into thinking they have found genuine employment. But in each case the job comes down to asking the victim to receive relatively small amounts of money into their own account and then move them onwards to another bank.

The result is that unsuspecting individuals can become liable for stolen money being funneled through their accounts and end up suffering the consequences. As an essential component of many types of fraud, money laundering is a big problem because it enables criminals to move money around without being traced to the initial theft. This not only affects online banking, but it is also a problem anywhere money changes hands—like online casinos or auction sites. (more…)