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Fraud Detection Services in the News

By: Joe Valentino, Wednesday March 24th 2010
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Rogue casinos ripping off genuine players are one part of the story. There are online casino players who use fraudulent means to try and make money from online casinos. One of the most common methods is by using fake credit cards or credit cards that do not have adequate limits to deposit funds at online casinos and then tried to withdraw those funds before the casino can detect the fraud. Another way that players use is to charge back the transaction so that they are not billed by the credit card company and try and withdraw the funds from the online casino. Online casinos, usually through the software providers, engage expert services to detect and prevent such fraud. Recently two such expert service providers have announced upgraded systems for detecting device based fraud and one of them has even tied up with an online gaming software provider.

The GTECH G2 group is a reputed provider of online gaming services. Through its subsidiary Finsoft it provides MarginMaker, which is a leading software platform. Iovation is a pioneer in device reputation service for preventing online fraud and abuse. Iovation and GTECH G2 have entered into a partnership as a result of which the latest Iovation technology will be integrated into the MarginMaker software. This will enable the online gaming operators using MarginMaker to manage the risk arising out of fraudulent use of cards in real time. Iovation maintains the world's largest database of device-based fraud histories. What the Iovation system does is checks the credit or debit card number and even the identity numbers of the computer used by the player with the database. If any of the information provided by the player connects with an earlier fraud, the details of which are entered in the database, then the transaction is immediately aborted and the database updated. That way the system can recognize the computers used by cyber criminals and prevent all transactions from those computers.

Predrag Popovic, Chief Technology Officer of GTECH G2 and CEO of Finsoft, said, "The service provided by Iovation has proven itself to be extremely successful for so many companies in the online betting industry - it absolutely makes sense for us to include it in our fraud management process."

The other company to make an announcement was Ethoca Limited. It is offering a new and innovative service based on its Ethoca360 Signals technology. The objective is to help online merchants, including online casinos, prevent charge backs and card-not-present fraud. Ethoca checks transactions in real-time against the Global Fraud Alliance (GFA) repository, which presently contains over 500 million historical fraud transactions. This number is growing rapidly as more and more transactions are added to the database. Ethoca says that this service will be available free for all time to those who subscribe to it now.

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Comment by: Hal Mason On: March 25, 2010
I've heard of this company Iovation and beleive that they do a lot more in way of monitoring and managing issues to do with credit cards at online poker rooms vs. online casinos. It's a great innovation and since credit card fraud is rampant in the online gaming industry almost a must regardless of whether it's casinos or poker rooms that it's being implemented in IMHO.

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