HomeAllOnline Casino Frauds: How They Work And How To Stay Safe From...

Online Casino Frauds: How They Work And How To Stay Safe From Them? 

The casino industry has marked an increase in gambling fraud in recent years, where the rate has grown to almost 50%. Fraudsters are always looking for the point of vulnerability in online casino Singapore sites. The scams are only seen to stabilize when online casino platforms appoint anti-cybercrime methods. Well, it is not always that the players cheat to win lucrative prizes at the casino but a single vulnerability from the player’s end, and they also get scammed by the online casinos.

Most of the surging casino frauds were noticed during the pandemic when people were confined to their homes. They wanted to keep themselves entertained, and a few others wanted to earn some extra cash. This gave rise to phishing scams where the cloned casino sites of top-notch casinos extorted money from the players.

Most reputable online casinos use SSL encryption and two-factor authentication to keep the fraudsters at bay to ensure the players’ gameplay is safe and secure. Like, Maxim88 casino makes sure to verify the customer’s identity before anyone can assess their accounts. Two-factor authentication helps the players know who logged into their account, and the hackers can be averted from signing in.

What kinds of Scams are Prevalent in Online Casinos?

Players cheat, and they get cheated as well. A report stated that there was an 85% increase seen in fake account registrations in online casinos. You can see the cases of unauthorized gambling transactions and chargebacks on online casino platforms. Apart from that, many more online casino scams are unleashed today. Let’s check out some of them.

1. CNP Fraud Issue

‘Card, not Present’ or CNP scam is quite prevalent when a criminal steals the cardholder’s information and uses it for transactions over the internet or phone that do not require a physical card. Under CNP fraud, scamsters use someone else’s card to gamble, which may be considered a form of identity theft. The bad part about this scam is that the victim cannot claim their funds. When a cardholder files a chargeback successfully, the casino platform will be hit for fraudulent transactions. What’s worse is that their license can also get canceled by the operator.

2. Extracting Bonuses And Funds From Online Casino

Most casino players abuse bonuses and promotional offers. Most amateur and professional fraudsters commit the crime of extracting funds and bonuses from online casino platforms. These are commonly called money launderers who are well-versed in ditching online casinos for funds.

3. Multi-Accounting Fraud

The creation of hundreds and thousands of fake casino accounts tilt the balance in their favor. They create multi-accounting fraud to abuse bonuses and promotions offered to casino players. These multiple accounting frauds include cheating the whole gambling system through chip dumping. The player cheats the system by moving the results in favor or against the casino platform.

4. Phone Top-Up

Most online casinos offer a top-up option for players to play at an online casino. The fraudsters can trick the victims into funding their accounts. It happens because of phishing and social engineering problems. Here, the targeted users are drawn to make the payment. After this, the payment goes rightly into the fraud’s accounts.

These frauds have shaken the casino world, but there are a few steps to stay safe from casino scams.

Tips To Stay Safe From Online Casino Scams

If gambling frauds happen online, many steps are taken to stay safe from online casino scams. A few of these tips include:

Complying With AML and KYC Issues

The iGaming industry will rapidly grow and surpass $172.2 billion by 2030. Regulators are checking casino platforms that are not KYC and AML compliant. It will help them impose heavy fines on the violators. Start opting for AML and KYC-compliant casinos, and keep a strict check on any malicious activities.

Using Two-Factor Authentication

It is important to practice two-factor authentication not to let fraudsters hack your personal or financial information. While logging in, you will be asked to identify yourself; if the hacker or scammer cannot do the needful, the account will be blocked. Moreover, the players must use strong passwords so that hackers cannot crack the passcode.

Use Geolocation Analysis And IP Fraud Score Analysis

Suppose the casino suspects any fraudulent activities from the player’s side. In that case, they can deploy the identification verification software to help check out a particular player’s IP address, geolocation, and email address. The IP fraud score analysis will reveal much about an individual’s usage location, internet use, and fraudulent activity if they commit against the casino.

Digital Fingerprinting

Another best option for preventing online casino fraud is using the digital fingerprinting service. The casinos can generate the digital fingerprint for their web app and track the browsing activity of every player. It will help catch the behavior and browsing activity of suspicious players. This will assist the casinos in alerting the real player whose casino account is being compromised. The player can delete their last account and register with the new account.

These tips will help casinos and players from falling prey to online gambling scams. Using a private internet connection and your own devices for logging into your casino account is advisable.

Play Safely at Maxim88 Casino!

Maxim88 casino is popular among Asian players, specifically players from Singapore. You can register easily with this casino platform. It is licensed and operated by PAGCOR and Curacao Gambling Authority. It has got necessary certifications from the testing labs, and iOvation secures online casino gameplay. Moreover, cryptocurrency, SurePay, PayNow, and TruePay are trustworthy and highly credible among Singaporean players. Sign up today and start playing securely! 


Latest News