Emerging Cybercrime Trends in the iGaming Industry
The global online gambling market has seen such amazing growth in recent years that it is expected to become a $92 billion market by the end of 2023. It is obvious that the industry has control over an enormous amount of wealth as well as information. This has increased the interest of hackers and malicious eavesdroppers who are always on the lookout for fissures in the security of the sites. Even the best cybersecurity companies always have to be on their toes to eliminate all forms of threats that can endanger these sites. So players planning to indulge in gambling should refer to credible sites such as Big Win Wall, which has some of the most secured crypto-enabled casinos listed.
Types of Trending Cybercrime Threats
From Instagram, and Facebook to casino accounts, the target of these hackers is the information of the users. These malicious hackers pose a constant threat to online businesses as they endanger the reliability of the casinos in case of a breach.
Types of cyber threats players should be aware of are as follows:
- DDoS attack– Similar to ransomware attacks these attacks can cause enormous financial harm to an operator and its customers and thus can do unimaginable damage to the entire brand. In case of these attacks, a casino will not only lose out of an enormous amount of money. But customers who have lost their financial information, personal demographic details, and money would inevitably blame the casino for their loss. This might in turn result in an irreplaceable loss due to loss of patronage. Moreover, if the news of the fraud and breach of security spreads, players would inevitably withdraw from the casino. Not only that casino, but these kinds of threats can even shake players’ confidence in the entire casino industry as a whole and thus may cause a lot of businesses to lose out on money.
- Account Takeovers– Hackers sometimes can break across into the account of players and take advantage of whatever credits they have. They can also withdraw all the winnings of the account to a completely untraceable account, rendering the account holder helpless.
- Identity Theft and Fraud– Since most of the Casinos need to do a rigorous background check on the players while signing up in form of a KYC and verifying bank details and so on, a lot of their personal information is stored with the site. In case of a hack, this sensitive information becomes disposable to the hacker who can easily steal this information to commit identity theft.
- The integrity of the games– Unfortunately not all cyber crimes are committed by hackers. Players expect that the games offered by casinos are fair and have a certain level of integrity. But in case the casinos offer games susceptible to exploitation and manipulation, it is not the game provider but the operator that suffers heavy losses. They do not just lose credibility they also suffer huge financial losses due to the loss of reputation. Thus operators must check if games are certified by organizations like eCOGRA, TST, and iTech Labs to ensure that they are fair and cannot be tampered with by either the operator, hackers, or the players.
How to Prevent Such Crimes
Though these are some serious threats that casinos usually handle 24 X 7, through the mindful implementation of SSL encryption, two-factor authentication, captcha, and firewall technology that secures communications between the user and the site. Besides gambling jurisdictions make sure that the licenses are given only to casinos that have the latest security systems, to minimize cyber crimes. Thus as long as the player makes sure that the site they are using has a license from organizations like the Malta Gaming Authority, the Gambling Commission of Great Britain, the Government of Gibraltar, The Isle Of Man Gaming Commission, and so on then can rest assured, because these casinos would always have to ace up their security game to prevent the revoking of their license.