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Financial Experts Warning to the iGaming Industry
Finance UK have reported that the iGaming industry is particularly vulnerable to payment fraud following a report by Consult Hyperion. The IT consultants warn that fraud constitutes a threat to industry growth greater than any “moral, regulatory or tax concerns”. The problem, they say, lies in the reliance on credit cards as a method of payment. Finance UK explain: “When credit cards are used for online gambling, the transactions generated are categorised as card not present (CNP) transactions, a category which has become the fastest growing sector for fraud in the card payments industry.“
Dick Clarke, consultant with Consult Hyperion says: ‘The failure to handle online payments securely and efficiently could have a severe impact on the online gambling sector in the future.”
While APACS (Association for Payment Clearing Services) and the British Retail Consortium have jointly issued a guidance document to help combat CNP fraud, the experts say this will not be enough. In the wake of news that sites are being held to ransom by the Russian Mafia, it seems that the iGaming business is strewn with pitfalls…
