FF News Logo
Friday, February 14, 2025
FKV2483 - FinovateEurope - FFNews banner - 728x90

Seon Raises the Stakes in the Fight Against Fraudsters

SEON, a proven financial crime prevention leader with deep expertise in AML, online fraud prevention, and KYC, has recently released its new report, ‘The State of iGaming Fraud 2023.‘ The report shows the varying methods fraudsters use to circumvent the increasingly robust risk management systems deployed by iGaming providers worldwide.
Financial crime prevention expert, SEON, has analyzed millions of its own data points related to transactions, deposits, bonuses, and other user actions. The aim of this analysis is to shine a light on the darker corners of the global iGaming market. SEON’s new report, entitled ‘The State of iGaming Fraud 2023,’ offers insights into the evolving nature of iGaming fraud worldwide.

iGaming fraud is hugely widespread, with around 25% of new signups in Europe classified as ‘high-risk’ and a 40% decline rate in Asia. Fraudulent players still abuse promo offers, using 2.7 times more bonuses than legitimate users. In Europe, bad actors tend to use sophisticated fraud tools such as virtual machines, while in Asia, fraudsters rely on less advanced methods, such as click farms.

Following its recent analysis of online fraud trends in 2023, SEON has created a new report that delves deeper into the specific risks facing iGaming operators worldwide. Leveraging millions of data points from across its industry-leading platform, the report highlights the persistent nature of fraud across the iGaming space. It also underscores the incredible variance in fraud risks between regions, and the increasingly varied tools that fraudsters use to target their victims.

 

SEON’s new report differentiates the global iGaming market into eight key regions, each facing different fraud challenges. Although fraud is widespread across all regions, the methods and techniques deployed by fraudsters towards their goal vary significantly. By presenting this information in an easy-to-read report, SEON provides businesses with greater insights into what iGaming fraud looks like in 2023. This report will help iGaming providers make more informed decisions in the battle against financial crime.

SEON’s research shows that fraudulent players use 2.7 times more bonuses than legitimate users. Bonus and promo abuse remain very enticing to fraudsters. In some regions, such as LATAM, where approval rates are up to 70% higher, bonus abuse has become incredibly common. Affiliate fraud is still more prevalent in iGaming than in any other sector, despite fraud rates being lower across affiliate sign-ups. Fraudulent signups with affiliate IDs come to 12.77%, compared to 19.24% without.

Tamas Kadar, CEO, and co-founder of SEON commented on the report: “Even for iGaming operators that are stacking their decks with best-in-class risk management solutions, fraudsters are still finding a seat at the table. Our new report scrutinizes the state of fraud in this rapidly growing sector in exceptional detail and should be considered a must-read for those in the space who want to protect themselves from losing out to high-risk and fraudulent actors.”

SEON has recently worked with businesses such as Gamevision and Soft2Bet, helping to detect bonus abuse, eliminate multi-accounting attempts, and vastly reduce the need for manual queries and reviews. The company is redefining what it means to fight online fraud using Artificial Intelligence (AI), with notable results achieved across the global iGaming sector.

People In This Post

Companies In This Post

  1. dLocal and AZA Finance Forge Strategic Partnership to Expand Footprint in Africa Read more
  2. Corpay Cross-Border Launches Multi-Currency Accounts Read more
  3. Intellect Expands Sales Leadership With the Appointment of John Owen as President for the Western Hemisphere to Drive eMACH.ai Growth Read more
  4. E-Money Markets Ltd Raises £700K Pre-Seed to Transform SME Payment Technology Read more
  5. Pipe Continues International Expansion to Canada Through Partnership with Housecall Pro Read more
FKV2483 - FinovateEurope - FFNews banner - 300x300