Online Gambling Fraud

What is Online Gambling Fraud?
Gambling fraud is when cybercriminals attempt to exploit or defraud an online casino or bookmaker without having any direct involvement in the match.

Match-fixing is the act of one party in a competition 'throwing a bunk,' whereas gambling fraud is the act of taking advantage of one facet of the operator's business.

Types of Online Gambling Fraud
While fraudsters are constantly devising new and inventive ways to exploit the system, there are a few common tactics to be aware of.

Multi-account fraud: This is very common upon which many gaming scams are based. Fraudsters create dozens of accounts using forged credentials to tip the scales in their favour online.
Bonus abuse: This is when many phoney accounts take advantage of new signup bonuses, coupons, and other appealing offers. While these promotions are an excellent method to attract new players, your platform will quickly lose money if you give out too many of them.
Gnoming: Once again, numerous accounts were used to assist one person in winning. The other accounts are intended to purposefully lose money so that one can keep all of the winnings and bonuses.
Chip dumping: This is a common practice at the poker table. The objective is to join many accounts to the same table, similar to gnoming, to scam the system and affect the results favour or against one player.

Then there are payment-related attacks. Because online casinos and gambling platforms are digital wallets, processing payments exposes them to the risk of losing money.

Stolen credit cards: Fraudsters can top up their accounts with stolen card information, allowing them to pocket legitimate winnings.
Chargebacks: This occurs after the fraudsters have already topped up their account. They then file a chargeback from their banking or credit card provider, which means they will be reimbursed at the expense of the online gambling service.
Phone top-up abuse: If your online casino allows phone top-up, scammers have developed ingenious methods for topping up their victims' accounts. They call burner phone owners and persuade them to top up their accounts, which is used to fund their gaming accounts.

Finally, just as with traditional brick-and-mortar casinos, operators must ensure that their establishments do not become a haven for money launderers. Any location that processes large quantities of money can be utilized to legalize unlawfully obtained funds, and gaming establishments are a popular choice among criminals.