LAGOS AUGUST 8TH (NEWSRANGERS)-AI-powered fraud and the creation of deepfakes with identification are considered a major and serious threat to gambling operators. The generation of synthetic identities is forcing many companies to invest in expensive software to mitigate these risks.
Artificial intelligence is already being used to create advertising content for illegal operators. These videos feature well-known figures discussing their big wins. In April, the UK Gambling Commission issued an updated warning about the prevalence of AI deepfakes, which are directly linked to the risks of money laundering and terrorist financing. The UK Gambling Commission has recommended that all operators train their staff to assess customer documentation for documents generated by artificial intelligence (AI).
Fraudsters and malicious actors are all too familiar with new technologies. At the same time, synthetic identity theft is becoming increasingly sophisticated. This is a type of fraud in which genuine and fabricated personal information is mixed to create an entirely new, fake identity. Voice authentication is also commonly used for this purpose.
Regulatory authorities around the world tend to take a strict stance on AML violations with historical links to the gambling industry, and they are particularly vigilant when it comes to the movement of significant financial amounts. The Gambling Commission has already fined several operators for being too slow to regulate synthetic identities. The fines are imposed for failing to comply with their regulatory obligations and not fulfilling the requirements.
The UK’s National Crime Agency claims that fraud is the most common crime in the UK. At the same time, AI is making online fraud increasingly sophisticated and complex. The use of AI to facilitate fraud highlights the need for action, and that action must include private businesses. In addition, law enforcement agencies are working to reduce the threat, and the public is being enlisted to help. The UK’s Online Safety Act places a heavy responsibility on online platforms.
A similar problem is seen in India, whose gambling market has much in common with that of the UK. Here, deepfakes are used to facilitate fraudulent activities, particularly for money laundering. The problem is developing against the backdrop of the increasing number of offshore online casinos in the country. The latter attracts a large number of users as they offer innovative, so-called “instant” games, such as Plinko. Against this backdrop, specialized information sites have even emerged, offering reviews and selections of sites that offer this game, such as www.plinkogames.in.
As the threat from AI grows, operators need to be aware of both technological innovations and best practices. They can enhance document verification through the use of biometrics, facial recognition, and authentication. The use of device fingerprints and geolocation services will also increase detection rates.
The gambling sector has always been a prime target for fake documents and fraudulent activity. Fraudsters and operators are constantly engaged in a race. Some create robust security systems, while others try to circumvent them. At the same time, fraud is becoming increasingly sophisticated, so operators need to keep their processes up to date, which is not an inexpensive endeavor.
One method that can help stop identity fraud is the introduction of digital IDs at the national level. Digital wallets or identity apps utilize multiple technologies for protection, ensuring that identity verification with them is as secure as possible.
The EU has already taken some steps to regulate identifiers, which could be a valuable tool in ensuring the security of transactions.
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