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Hackers Win Big by Gambling on Identity Spoofing

Hackers Win Big by Gambling on Identity Spoofing

While analyzing the global cybercrime patterns the ThreatMetrix has found that the identity spoofing, fueled by the stolen identity data, which is for sure the most prevalent attach vector for the gaming and gambling industry.

Q2 2018 Gaming & Gambling Report who has discovered that the location (IP) spoofing attack which is increased by 257% year on year, which is for sure making it the fastest growing attack. Well, there are many other tools that can help the fraudsters to make more frequent attempts to disguise their exact location and launder money.

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To recognize the trusted users from the fraudsters is mode an increasingly more challenging with the malicious account takeovers (ATOs) and the use of collusive play and self-excluders.

“Rising cybercrime level is no small issue for a sector that enjoys a truly global customer base,” said Ellie Burns, fraud and identity manager at ThreatMetrix, in a press release. “With more than two billion gamers worldwide, nearly 60% of the industry’s traffic is cross-border.

“Operators must content with a rapidly evolving regulatory landscape and stringent new anti-money laundering laws, making the verification of the true location of a transaction gamer a vital component in authenticating identity.”

An additional growth to these IP spoofing attacks that the users are using the website that are restricted for them and they try to access these services which might also restricted their locations, which is one of the factor that is driving the high volume of cross-border traffic.

The report has claimed that around 71% of the all gaming and gambling transactions are made via mobile devices, which is 45% increase over years. It’s not a surprising that the mobile attacks are more often than any other transaction. The attackers have realized that the mobile platforms are amazing opportunity where they can easily be able to monetize the stolen credentials.

“In order to deal with these types of challenges one must incorporate the dynamic digital identity intelligence that pieces together key indicators, such as the device intelligence, true geo-location, online identity credentials and threat analysis, to better inform risk decisions. The key is to be able to effectively differentiate the trusted users from the fraudsters and understand the change in trusted user behavior, without adding the unnecessary friction,” said Burns.

About Jahanzaib Khan

Jahanzaib Khan is the CEO of JahaSoft.Pk A Web Development, Digital Marketing & Web Hosting Company Based in Pakistan. https://www.JahaSoft.pk

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