How Safe Is Your Data on Online Gambling Platforms?

1. Protection of Personal and Financial Information

• iGaming systems hold personal and payment information, making them great candidates for cyber attacks. SSL/TLS encryption guarantees secure transactions and protects player information from hackers. Platforms protect users' financial information by encrypting their data.

2. Prevention of Fraud, Identity theft, and Hacking

• The most crucial aim behind data security is to prevent cyber attacks from taking place. Different attacks like email frauds, data hacking, and account takeovers have become common. To tackle this problem, there are different security strategies, like 2-factor authentication, policies like know your customer, which helps in identity verification and AI for detecting fraud before it happens.

1. Data breaches

• Data breach occurs when hackers try to steal information of an iGaming platform in an illegal manner. This means the player’s financial and personal information is exposed which could result in financial loss and loss of resources for the player.
• An example of a data breach can be given to MGM Resorts International. The cyber attack took place in 2023, and it led to operational interruptions.
• The hackers disclosed personal information of consumers who used the casino's services before March 2019, including contact and identification information. The hack was made possible through flaws in the casino's systems.
• They instantly responded to the situation, shutting down all systems and they further ensured the customers about no leakage of personal and financial information.

2. Identity theft

• Hackers tend to create fake profiles to access existing accounts and steal information using the same account. These stolen identities are often used for fake transactions in the name of the person who was the actual account holder or for money laundering, bypassing verification checks.

3. Phishing scams

• The most common fraud that occurs throughout the internet is phishing scams. Cybercriminals make use of a fake email that contains a link for the players to open. As soon as the link is opened hacker has the access to all your data.
• For example, a businessman in Maharashtra lost around $7,000,000 after being tricked into gambling. The hacker just used a WhatsApp link to create a gambling account, and the businessman got trapped, which made him lose a huge amount.

4. Hacking Attempts

• Hackers use weaknesses in security in gambling platforms to change game results, steal payments, or access sensitive information. Regular software updates and enhanced cybersecurity measures help to reduce such risks.

5. Account takeovers

• Cybercriminals gain control of different accounts by breaking into accounts that have weak passwords, or they can steal the login credentials. Once they have access to the account, they can place bets, withdraw cash funds or even change the account setting. All these mishaps can lead to financial and personal losses.

1. Advanced Encryption Tools

• Nowadays online gambling platforms use advanced networking technologies like Secure socket layer and Transport Layer security to ensure secure data transmission. This ensures that hackers cannot intercept messages and the communication remains protected.

2. Two-Factor Authentication

• This adds an extra layer of security by verifying the particular account holder by means of sending an email or a one-time password for verifying the person’s identity. This makes it hard for the hackers to gain access to their accounts.

3. KYC and AML Policies

• This adds an extra layer of security by verifying the particular account holder by means of sending an email or a one-time password for verifying the person’s identity. This makes it hard for the hackers to gain access to their accounts.

4. Secure payment gateways

• Payment gateways use encryption systems and advanced mechanisms for fraud detection in order to achieve safe and secure withdrawals and deposits. This protects players from financial frauds and unauthorized transactions, keeping their money and resources safe. Additionally, they provide multiple payment options to players which makes it more convenient for users.

5. AI-Based fraud detection

• AI-based detection systems are of a major advantage to both the service providers and the players. The main aim behind AI-based fraud detection is to examine behaviour patterns in real-time and to detect suspicious behavior, if any.
• Some examples of suspicious behavior can be seen in the form of unauthorized logins (without consent of the person in charge of the account), suspicious payments and withdrawals, or even unusual betting patterns. By detecting these problems before hand, they can take actions promptly to avoid danger.

1. Choosing Licensed and Reputable iGaming Platforms

• A player should always prefer platforms that follow strict security protocols and protocols align with data protection regulations. This will give the players an assurance about their financial and personal information being protected.

2. Ensuring responsible gambling

• In order to ensure responsible gambling, players should always look for platforms or choose platforms that offer tools for responsible gambling. Tools which should be offered are self-exclusion tools (to give yourself a break from gambling), setting limits on financial activities, and timers through which players can take breaks from gambling for a specific time period.

3. Using strong, unique passwords

• Players should always keep in mind about creating passwords that are hard to crack that contain a combination of different letters, numbers, and special characters. One should never use the same password repeatedly.

4. Constant monitoring of account

• Players should keep a constant check of their accounts in order to detect any suspicious activities or any unauthorized logins that they are not aware of. If any such activity is found, the player should immediately report that to the customer support of the platform.