Protecting Integrity in Sports Betting: Advanced Technologies Assist in Handling Significant Data Leaks at Sportsbooks
In the ever-evolving world of online gaming, the importance of security and compliance cannot be overstated. GeoComply Solutions Inc., a leading provider of geolocation data, anti-fraud solutions, and Know Your Customer (KYC) solutions, is at the forefront of this fight.
Next week, GeoComply will invite law enforcement agencies to attend their monthly LEA meeting, providing a platform for sharing valuable insights and collaborating on investigations.
GeoComply's technology is a pivotal tool for sportsbooks, helping them secure accounts and maintain integrity while complying with legal frameworks. This is achieved through a combination of location intelligence, behavioral monitoring, and regulatory compliance.
Geofencing and Location Verification
GeoComply's technology enforces geographical restrictions by confirming a user's physical location to comply with state or tribal gaming regulations. This helps block access from unauthorized or high-risk areas known for fraudulent activity.
Fraud Detection and Prevention
GeoComply integrates anti-fraud measures that monitor user behavior for signs of account takeover attempts and credential stuffing — automated attacks where fraudsters use stolen credentials to gain access to accounts. By correlating location data with device and login patterns, it can flag suspicious logins or block them outright.
Regulatory Compliance
GeoComply ensures sportsbooks meet AML (anti-money laundering) and KYC (know your customer) standards through its solutions, reducing the chance of fraud activity going undetected while maintaining user trust.
The company's geolocation tracking capabilities are very precise, delivering data with "one to two meter" accuracy. This precision is crucial in maintaining compliance with jurisdictional regulations.
Recent Breach and Future Outlook
In a recent data breach, DraftKings identified a method of intrusion as "credential stuffing." At least 67,995 customers were impacted, and DraftKings has since restored all stolen funds. GeoComply's fraud prevention expert, Marchand, does not expect account takeovers to go away in 2023.
Other leading operators, such as FanDuel and BetMGM, were also targeted in this breach. GeoComply's senior director of risk services, Danny DiRienzo, holds a monthly meeting with law enforcement officials to share information about various investigations.
Regulatory Landscape
New Jersey regulations on multi-factor authentication were discussed, as only two states have adopted regulations that require online sportsbooks to establish multi-factor authentications (2FA) for customer accounts. Ohio allows online sportsbook operators to store customer data in cloud-based environments such as platforms designed by Amazon Web Services. Ohio became the most populous state to go live with online sports betting since New York began offering mobile sports wagering a year earlier.
In economic downturns, anti-fraud specialists have been forced to keep their guard up for heightened cyberattacks. GeoComply's solutions are invaluable in this context, helping operators stay one step ahead of potential threats.
GeoComply's partners include high-profile names such as BetMGM, DraftKings, FanDuel, Caesars, and Rush Street Interactive. These partnerships underscore the trust and confidence the industry has in GeoComply's capabilities.
In recognition of the crucial role law enforcement plays in combating cybercrime, GeoComply acknowledged Law Enforcement Appreciation Day. This ongoing collaboration between the tech industry and law enforcement is essential in ensuring a safe and secure online gaming environment for all.
- GeoComply's technology, a crucial tool for sportsbooks, secures accounts and maintains integrity while complying with legal frameworks through geolocation intelligence, behavioral monitoring, and regulatory compliance.
- In the ever-evolving world of sports betting, GeoComply's technology enforces geographical restrictions by confirming a user's location to comply with state or tribal gaming regulations, helping block access from unauthorized or high-risk areas.
- GeoComply's technology integrates anti-fraud measures, monitoring user behavior for signs of account takeover attempts and credential stuffing, and correlating location data with device and login patterns to flag suspicious logins or block them outright.
- GeoComply's solutions are invaluable in economic downturns, helping online gaming operators stay one step ahead of potential cyber threats by ensuring compliance with jurisdictional regulations and AML (anti-money laundering) and KYC (know your customer) standards.
