Casino Platforms Combat Fraud and Money Laundering with AI

It is no secret that fraudsters and scammers regularly target gamblers and the gambling industry. They do so with a variety of methods such as money laundering, payment system fraud, bonus abuse, and so on.

AI is helping reduce fraud at online gambling sites.

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There is great pressure on gambling operators to crack down on this kind of behavior and in particular, to verify the identity of players.

The head of anti-money laundering at Softswiss, Eleni Panagiotopoulou, says that recently, players have begun working together to launder money through online gambling platforms. She explained that games in which players take on each other rather than the house, such as poker and even tic-tac-toe, often involve inter-player transactions that are difficult to track.

Players are apparently playing with very small amounts but carrying out numerous transactions very quickly, making them hard to monitor, identify and detect.

Fraudsters’ Changing Methodologies

Fraudsters are always quick to adapt to the latest prevention methods. For instance, they may move from poker to less-monitored casino games or to cryptocurrency casinos, which are harder to track.

To combat this, iGaming operators have been turning to AI and using technologies including biometric verification together with selfies and models that look for patterns. Furthermore, AI is also helping operators follow gaming regulations.

It is extremely difficult to be able to comply with complex regulations that there are today both in terms of AML but also in terms of responsible gaming without the assistance of AI and other tools that are available today.

Joseph BorgWH Partners Advocate and Partner

While regulators, especially those known for being stricter, are embracing the latest technologies, Borg warns that there is a risk that over-regulation will send players to the black market.

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Transparency Is the Key

Van Hambardzumyan, a risk management expert at SoftConstruct, says that players will accept regulatory requirements such as identity verification as long as operators are transparent about it. He believes that it is important to teach players about the importance of ID verification so that they understand it is “essential in order to maintain equality, equity, and fair play.”


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