PORTLAND, Ore., Aug. 28, 2019 /PRNewswire/ -- iovation, a
TransUnion (NYSE:TRU) company, today announced it anticipates
challenges in the U.S. online gambling market and is responding by
launching a new package of solutions through iovation and
TransUnion. The product suite focuses around the onboarding of new
players and helps U.S. online gambling operators comply with new
regulations, combat fraud and improve the player experience. The
company is making its prognostication based on its experience in
the European market during the past 15 years supporting over 100
operators and platform providers there including eight of the
world's ten largest gambling infrastructure providers.
"The online gambling gold rush today in the U.S. is akin to what
we saw nearly two decades ago when iovation first began working
with European operators as countries there began to legalize online
gambling," said iovation Co-Founder Greg
Pierson. "With states legalizing online gambling and the
American fantasy football season kicking off, operators are
sprinting to launch apps and websites. They are putting most of
their efforts into getting users with less emphasis on preventing
gambling issues."
Specific issues that iovation anticipates around player
onboarding and solves for U.S. gambling operators include:
- Age verification - In all states, the legal online
gambling age is 21. Much like anything else where there is an age
limit, underage people are going to try and participate.
- Bonus abuse - Many online gambling companies provide
incentives like money or credit for betting to attract new players
and grow existing relationships. But often, fraudsters exploit
these programs which result in real losses for operators. iovation
has seen bonus abuse rise 287 percent from 2015 to 2018.
- Credit card fraud - Since 2014, iovation found credit
card fraud increased in online gambling--predominantly outside the
U.S.--by 155 percent with an average annual growth of 39
percent.
- Managing play by boundaries - With online gambling being
legal in one state and then illegal within a neighboring state,
operators are going to need to pinpoint a gamblers' location and
limit play if needed.
- Self-exclusion - When a player admits they have a
gambling problem and "self-excludes" from a gambling site, the
operator is now accountable for ensuring the player does not resume
gambling activities or potentially face penalties. In many
instances, a self-excluded gambler tries to set up a new account
when they have a change of heart. Or fraudsters set up a new
account using a stolen credit card, deposit funds using that card
and then self-exclude before the chargeback hits.
iovation has a service provider license in Nevada, with many iovation partners operating
in the United States. This
includes SBTech which will power online sports betting in
iovation's home state for the Oregon State Lottery's new sports
betting brand, "Scoreboard."
"SBTech puts player protection and anti-money laundering at the
heart of our platform operations for our partners in regulated
regions across the U.S., Europe
and emerging markets," said Andrew
Cochrane, Chief Development Officer at SBTech. "Thanks to
our expanded partnership with iovation, these partners now have
access to the industry's most advanced device recognition
technology enabling them to instantly identify and authorize
verified players and significantly reduce levels of potential
fraud."
The U.S. gambling solution offerings available through iovation
and TransUnion combine iovation's digital identity solutions that
uses device behavior and TransUnion's identity verification
solutions, helping to protect the entire player's journey.
Account registration
- Verified prefill to expedite onboarding
- Added identity verification with a one-time password (OTP) and
knowledge-based authentication (KBA)
- Age verification checks
- Address validation
- Email and phone verification
- Stop bonus abuse
- Manage player self-exclusion
- Block non-compliant accounts
Login
- Manage player self-exclusion
- Stop account takeover
- Authenticate players
- Block noncompliant access
- Reduce login friction
Deposit
- Prevent credit card and payment fraud
- Anti-money laundering
Play
- Uncover insider threats
- Stop cheating and abuse
- Prevent bonus abuse
- Detect player collusion
- Manage play by geographic boundaries
- Authorize large bets
Cash Out
- Expedite withdrawals
- Prevent withdrawal fraud
- Non-repudiation for Monday morning chargebacks
- Prevent fraudulent self-exclusion
- Block non-compliant accounts
For more details about iovation's and TransUnion's U.S. online
gambling solutions, go here.
About iovation
iovation, a TransUnion company, was
founded with a simple guiding mission: to make the Internet a safer
place for people to conduct business. Since 2004, the company has
been delivering against that goal, helping brands protect and
engage their customers, and keeping them secure in the complex
digital world. Armed with the world's largest and most precise
database of reputation insights and cryptographically secure
multifactor authentication methods, iovation safeguards tens of
millions of digital transactions each day.
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SOURCE iovation