Blockchain: Tamper-Proof, Direct and Efficient
The world of iGaming, online gambling, has undergone rapid development and now offers players captivating entertainment directly on their screens: from online casinos, sports betting, online poker, and e-sports betting to fantasy sports, everything is available. But amidst this ocean of exciting games and entertainment, it's important to understand some security aspects and observe fundamental security principles. That's because the danger posed by phishing, identity theft and hacked accounts, where fraudsters take over the accounts of legitimate customers, is significant. The worst-case scenario is when everything grinds to a halt! It’s not just that customers have lost their winnings and deposits – the iGaming provider also faces reputational damage, loss of customers and, in the worst case, heavy fines. Read our latest blog post to learn how to guarantee your customers’ online gaming security as well as a seamless gaming experience.
MFA and biometric authentication boost profits – on both sides
The online gambling industry is required to comply with strict compliance standards. In many countries and regions, companies are required by law to maintain strict security standards to protect their customers’ personal data. If they fail to do so, they can be threatened with heavy fines or even the closure of the platform.
However, the iGaming industry has also realised that security goes far beyond mere compliance. Players are not only looking for entertainment – they also want to relax in the knowledge that their personal data and finances are protected and that they can log in and initiate transactions conveniently. To prevent this information from falling into the hands of fraudsters who use it to either take control of customer accounts or steal their identities, it is important to implement a well-conceived authentication and authorisation security strategy that can provide both convenient logins and protection of customer accounts and data.
The implementation of multi-factor authentication (MFA) with biometrics offers multiple layers of protection. By integrating biometric data such as fingerprint or facial recognition, companies can minimise the risk of fraud and identity theft. These technologies rely on unique features that are difficult to imitate and thus create a robust security barrier.
3 advantages of biometric MFA in iGaming
Most of the latest mobile devices feature technology supporting advanced biometric authentication methods such as fingerprint scans or facial recognition – as increasingly used by modern registration procedures for online gambling or betting. For players, these forms of authentication on mobile devices offer several advantages:
- Improve security
The implementation of MFA ensures that only authorised persons can access this information. Not only is a security feature such as a password requested, but the user needs another feature to log into their account. To ensure comprehensive security (multi-layer protection), we recommend that you integrate a biometric feature query. After all, biometric features are difficult to forge. This means that a fraudster cannot simply hijack an account because even their attempt to log in is doomed to fail. - Adhere to compliance requirements
The iGaming industry is governed by various compliance requirements. In addition to the relevant licences from the competent authorities, companies in this area must also focus on compliance with data protection, as required by the GDPR, for example. This ensures the confidentiality and security of the players’ personal data. Added to this are the necessary security measures to prevent fraud and manipulation. As well as the ability to monitor gaming activities, these also include requirements designed to combat money laundering. Companies can use strong authentication to verify a player's identity, thus ensuring that the ‘real’ customer is logging in. The biometric MFA provides an additional layer of security to protect player data. - Improve efficiency and user experience
Biometric verification not only benefits your business and lowers your cost base, but also offers your customers an excellent user experience (UX) and a high level of convenience. Logging in only takes a matter of seconds and players have full control over their biometric data as it is only stored on the mobile device and never leaves it.
For most companies, the introduction of a security method is the most important measure to prevent security breaches in online gambling or sports betting. Even in industries that do not currently require MFA for compliance reasons, governments are taking cybersecurity more seriously since agencies and infrastructures are increasingly being targeted by cybercriminals. Investing in biometric authentication or an MFA solution effectively protects your data from unauthorised access and secures your resources.
