Who does not want to play safely, with at least 70% of casinos experiencing a cyberattack in the past year alone? According to World Metrics, a single data breach can cost a casino up to $5.9 million. And as if that is not enough, 72% of casino operators agree that online attacks are a top security concern. With all these statistics, you want to always be sure that you are gambling in an environment that guarantees you security and safety.
Plus, there are instances where casinos may rely on third parties to enhance their customer experience. For instance, when it comes to payments, they may use multiple platforms that require customer data. This, if not handled well can expose customer data to breaches and lead to great losses for your company. Just recently, in 2022, a survey highlighted that about 54% of businesses experienced breaches through third-party collaborations. As these studies reveal the growing importance of protecting players, how can you get started?
The role of blockchain
Even before we move any further, a safe online casino will first ensure compliance with the government before incorporating other measures like using blockchain. And the good thing is that different regions have commissions that oversee all that. In the UK, for instance, we have the Gambling Commission, established in 2007 to license and regulate competent entities. Once such measures are in place, then we can begin to think about adopting technologies like blockchain.
Blockchain boasts a decentralised infrastructure that ensures you can participate privately and transparently. This is good news for privacy-focused gamers, right? Centralised systems are quite weak, and the chances of exposure are high, especially because data is managed from one location. Blockchain, however, is organised in nodes that work together to ensure every transaction is legitimate before it is added to the network.
After recording the transaction, you cannot change or remove it—it is immutable. So, you can always refer to it any time you want. Such possibilities are very appealing to the gambling industry, where transparency is a highly sought-after characteristic. That explains why it makes all the sense for MarketsandMarkets to expect the overall blockchain gaming market volume to reach $65.7 billion by 2027, up from $4.6 billion in 2022.
The power of artificial intelligence
Which aspect of life has artificial intelligence yet to affect? In fact, as of 2023, Grand View Research highlighted that the global AI market share had reached USD 196.63 billion, expecting the value to grow by a CAGR of 36.6% in the next six years. In the iGaming sector, this value might grow by $4.50 billion by 2028, according to Technavio.
The statistics say it all—the iGaming sector, including the casino industry, is significantly opening up to AI. One of the top benefits of this technology is its ability to break down huge amounts of data into meaningful information in real time. When monitoring players’ activity, AI can identify unusual activities and alert you.
According to a recent report by Evertec, such measures can lower fraud detection costs by up to 30%. That’s not all—the report claims that, compared to traditional methods, AI can actually enhance fraud detection accuracy by over 50%. AI-based authentication methods such as voice and facial recognition can help strengthen players’ accounts even more.
Can multi-factor authentication help?
Well, we can never underestimate the power of MFA when it comes to online safety. Did you actually know that more than 60% of individuals were using MFA by 2023, according to a JumpCloud study? Could this be because the technology reduces exposure to automated attacks by 99.9%, as DriveStrike suggests? Multi-factor authentication secures information by requiring users to confirm their identity through various methods before they can access their accounts.
Beyond just securing customer information, implementing MFA can work wonders for your brand. Thales recently revealed that over 80% of customers were more likely to transact with brands that offered MFA. And when customers find satisfying experiences, they can contribute to your organic traffic through word-of-mouth recommendations. In fact, WiserNotify believes that word-of-mouth marketing can lead to about 13% of sales.
It’s, however, noteworthy to mention that your MFA infrastructure should be user-friendly. You don’t want to affect the gaming experience just because of a complicated method. SMS-based codes and authenticator apps, for example, can be a great way to get started. Plus, you may want to consider working with an experienced security provider for a seamless experience.
Online security has become one of the major debates in our world today—it is not only prevalent in the gaming sector. And for any company that seeks to protect players, this is not a subject to ignore.
Thankfully, tech advancements have brought tremendous ways in which you can always ensure the security of both your platform and players. AI, for instance, can enhance fraud detection accuracy by more than 50%. With cybercriminals also adjusting, we will likely see more innovations that will help enhance secure gaming.
