Perhaps when the first online casino launched in the late 1990s, no one thought that many people would turn to online gambling for entertainment. However, over the years, this industry has continued to enjoy multicultural penetration and now stands as one of the most popular forms of online entertainment. And if we were to consider statistics, Statista approximates the online casino market size to be $35.13bn in 2024 and expects it to grow by a CAGR of 5.56% in the next few years. But, as the industry grows, another concern sets in—online security.You actually want to always ensure you are gambling at a safe and secure platform that does not compromise your data. However, with several thousands of casinos available, finding a reputable one can be quite an uphill task. Thankfully, numerous platforms that offer reliable info for casino players exist, ensuring you spend minimal time searching for a secure platform.And, of course, online security is one of the metrics that such platforms use to rank top gaming websites. So, in this article, we look at the growing importance of security in online casinos and provide other fascinating insights.Why can’t we ignore online security?Just recently, SecurityBrief UK highlighted that attacks against online games grew by 94% in Q1 2024 from a similar period in the previous year. And surprisingly, the month of June 2024 alone saw the attacks exceed one billion. According to the report, most of these attacks emanated from increased levels of DDoS attacks and bot activities. In fact, by January this year, about 147 billion bot requests were targeting the gaming industry.Malicious individuals often target industries with a significant following, and no wonder the iGaming sector has not been left out. This should actually be reason enough to pay close attention to the security of your platform. Sadly, customers have become very skeptical about their privacy. Like in America, only 2% believe their data is not susceptible to compromise, Forbes reports.But, if customers can perceive your platform as secure, they will likely become loyal. PwC recently noted that 92% of consumers wanted companies to be proactive about data protection, while another 88% claimed they would only share their information with a company based on how much they trusted it. And do you actually know that, according to Salesforce, more than half of customers say they find it harder to trust companies nowadays? You definitely do not want to compromise customer trust just because of poor security.How can you enhance online security on your platform?The role of KYCYou probably have heard of KYC verification, but you do not need to worry if you haven’t. Know Your Customer (KYC) basically helps casinos verify the identities of gamers by requiring them to submit proof of identity before completing transactions. It often comprises of three major steps:Customer identification program (CIP), where players submit their documentation.Customer due diligence (CDD), where casinos organize players according to their risk levelsContinuous monitoringRecently, Experian reported that nearly sixty percent (57%) of businesses had experienced fraud losses related to account opening and acquisition. From this data, you can see that cybercriminals are also targeting the KYC process – thus, automating it can help reduce the risk of exposure.Adopting artificial intelligenceIt seems AI will become the future of safe online casinos. This technology can crunch enormous amounts of data in real time and provide insights instantaneously. That makes it possible to detect unusual patterns that may indicate fraudulent activities. For instance, if a player unusually withdraws a large amount of money, AI can flag this as suspicious.As of now, AI in the broader online gaming market accounts for $0.84 billion and may actually continue growing to reach $6.04 billion by 2033. More casinos will likely use the technology to enhance account security through AI-based biometric authentication and even address the issue of problem gambling.Implementing multifactor authenticationDue to its benefits, many online casinos are now implementing MFA. Globally, the MFA market size accounts for about $14.34 billion and may grow by a CAGR of 18% within the next few years. Why would anyone want to spend nearly $4.45 million on a data breach when MFA can help reduce exposure by about 99.9%?Besides enhancing online security, implementing MFA also ensures that you are compliant. Regulation bodies like GDPR often require gambling companies to adopt measures for data protection – and MFA can be a great way to get started. If you use strong authentication, you can always be sure that the ‘real customer’ is logging in to the platform.However, this should not be at the expense of the user experience. Players should be able to access engaging gaming experiences while still being guaranteed their online security. To help you with this, consider adopting biometric verification, which allows them to log in within seconds. Plus, players can have full control of their biometric data as it is stored on their gaming devices.Parting wordsFor the past few years, cybercrimes have been on the rise. In fact, according to a Check Point blog, weekly attacks on corporate networks increased by 30% in Q2 2024 compared to a similar time last year. It has not been any different in the online casino industry.That is why it is important for you as a provider to always ensure your platform is safe. This way, you can improve customer trust and brand perception, leading to even better business performance.
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