Industry News
Digital Fraudsters Increase Attacks Against Multiple Industries During Pandemic; Use COVID-19 Scams to Target Younger Generations
TransUnion quarterly global fraud analysis also examines the types of fraud targeting businesses and where it originates
TransUnion released its quarterly analysis of global online fraud trends finding that the telecommunications, retail and financial services industries have been increasingly impacted. From a consumer perspective, Millennials have been most targeted by fraudsters using COVID-19 scams.
Given the changing economic environment with COVID-19, this quarter TransUnion analyzed fraud trends through April 28 to ensure the impacts following the March 11 World Health Organization (WHO) pandemic declaration were included in the analysis
Overall, TransUnion found the percent of suspected fraudulent digital transactions rose 5% from March 11 to April 28 when compared to Jan. 1 to March 10, 2020. TransUnion identified more than 100 million risky transactions from March 11 to April 28.
“Given the billions of people globally that have been forced to stay at home, industries have been disrupted in a way not seen on this massive of a scale for generations,” said Shai Cohen, senior vice president of Global Fraud & Identity Solutions at TransUnion.
“Now that many transactions have shifted online, fraudsters have tried to take advantage and companies must adapt. Businesses that come out on top will be those leveraging fraud prevention tools that provide great detection rates and friction-right experiences for consumers.”
Examining Fraud Types and Their Impact on Industries
TransUnion analyzed the below industries for a change in the percent of suspected fraud against them, comparing Jan. 1 to March 10 and March 11 to April 28.
Suspected Fraud Post Pandemic Declaration
| Industry | Suspected fraud increase | Top type of fraud | Top country for suspected fraud origination |
| Telecommunications | 76% | Credit card | Timor-Leste |
| E-Commerce | 12% | Promotion abuse | Indonesia |
| Financial Services | 11% | Identity theft | Syria |
| Gambling | -1% | Promotion abuse | Sri Lanka |
| Public Sector | -1% | Account takeover | Nigeria |
| Insurance | -3% | Ghost broking | Pakistan |
| Logistics | -7% | Shipping | Philippines |
| Communities | -11% | Phishing | Ivory Coast |
| Travel & Leisure | -38% | Credit card | Haiti |
| Healthcare | -40% | Identity theft | Finland |
| Gaming | -43% | Gold farming | Myanmar |
“Our data shows that as social distancing changes shopping patterns, fraudsters have taken notice and targeted the more digital forward industries while following the money,” said Melissa Gaddis, senior director of customer success for TransUnion Global Fraud & Identity Solutions. “For instance, although we found online gaming increased 64% as people stay home, it isn’t immediately lucrative to target those companies since financial information isn’t generally shared there. However telecommunications, e-commerce and financial services all have large digital adoption, financial information and payments at the center of their online experience, and fared relatively well compared to other industries during the pandemic.”
Globally across industries, TransUnion found the countries with the highest percent of risky transactions were: 1) Yemen, 2) Syria and 3) Kazakhstan. In the U.S. overall, TransUnion found the cities with the highest percent of risky transactions were: 1) Springfield, Mass., Akron, Ohio and Louisville, Ky.
Consumers Targeted By COVID-19 Schemes
To better understand the impacts of COVID-19 on consumers, TransUnion surveyed 9,215 adults in the U.S., Canada, Colombia, Hong Kong, India, South Africa and the U.K. during the week of April 13. Nearly three out of 10 respondents (29%) said they had been targeted by digital fraud related to COVID-19, with Millennials (those persons between the ages 26-40) being the most targeted at 34%.
Furthermore, TransUnion found that consumers who said their household income is being negatively impacted by the COVID-19 pandemic are more likely to experience digital fraud with 32% reporting being targeted by online COVID-19 scams compared to 22% of people not financially impacted.
“A common assumption is that fraudsters target older generations who are perceived to be less digitally capable,” said Gaddis.”Our data showed the opposite with younger generations, Millennials and Gen Z (those born in or after 1995), being the most targeted. Adding insult to injury, our survey found Millennials are being financially challenged the most during the pandemic.”
Methodology
For its transactional data, TransUnion analyzed the billions of online transactions its flagship fraud and identity solution, TransUnion IDVision® with iovation®, assessed for fraud indicators for more than 40,000 websites and apps. It compared the percent of suspected fraudulent transactions it saw from Jan. 1 to March 10, 2020 to those from March 11 to April 28, 2020.
For a hub of relevant educational resources aimed to help fight fraud during this time, go to the TransUnion Global Fraud & Identity Solutions COVID-19 resource center.
About TransUnion:
TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing a comprehensive picture of each person so they can be reliably and safely represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good.®
TransUnion Global Fraud & Identity Solutions unite both consumer and device identities to detect threats across markets while ensuring friction-right user experiences. The solutions, all part of the IDVision with iovation suite, fuse traditional data science with machine learning to provide businesses unique insights about consumer transactions, safeguarding tens of millions of transactions each day.
A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people.
After five years as Dutch Online Gambling Association (NOGA) Director, Peter-Paul de Goeij has stepped down from his role.
Eric Konings, involved with NOGA since 2022, will be appointed as interim director. He will now hope to utlise his company knowledge and previous experience to steer the company through this transitional period. Further, Konings will be supported in the process of change by former Staatsloterij (State Lottery) CEO, Frans van Steenis.
“We are very grateful to Peter-Paul for his efforts over the past 5 years, in which he has excellently shaped the transformation from SpeelVerantwoord to NOGA. As a result, NOGA has been able to properly represent the interests of its members in a tumultuous period for the industry. We are confident that this line will be continued under Eric as interim director. However, we do not expect the coming period to be any less turbulent. That is why we as a board have decided to initiate the strategic reorientation,” Remko de Boer, chairman of the board of directors of NOGA, said.
“The past few years have been hectic, with the opening of the Dutch online gambling market as the absolute highlight. I am now stepping down, but I am convinced that the sector will continue to strive for a safe and responsible gaming offer. That is and remains the best way to achieve optimal consumer protection. I thank the board of NOGA for the trust they have placed in me over the past five years and I hand over the baton to Eric with a clear conscience,” Peter-Paul de Goeij said.
“The industry is facing a number of major challenges in the current political and social climate, and I look forward to helping NOGA members with this. In addition, NOGA is explicitly exploring how the representation of the industry’s interests can be organised in a future-proof manner. I am pleased that Frans van Steenis is fulfilling the role of explorer to shape this process with me,” Eric Konings said.
“A lot is happening in the gambling sector at the moment. Licensed providers, policy makers and society benefit from more clarity and better cooperation. I want to explore how bridges can be built between all parties involved in the gambling dossier,” Van Steenis said.
The post Peter-Paul de Goeij Steps Down as Director of NOGA appeared first on European Gaming Industry News.
SmartSoft, the pioneering the first-ever crash game creator, was founded in Georgia in 2015 by industry enthusiasts. Dedicated to delivering high-quality gaming experiences globally, SmartSoft remains committed to not only creating games but also revolutionizing the industry itself. The hallmark lies in it’s continuous creation of new games, updating of old favorites and coming up with the features that make every gaming experience unforgettable.
What’s more, SmartSoft’s commitment to innovation goes beyond just game mechanics. The company also prioritizes engaging storytelling, stunning visuals, and captivating sounds to create truly memorable gaming experiences. This complex approach not only sets SmartSoft apart from its competitors but also underscores its mission to deliver unparalleled entertainment to gamers worldwide.
Let’s take a look below at Smartsoft’s work, old gems, new features and pushed boundaries:
The Evolution Continues, expending horizons
As pioneers of non-traditional casino games, flagship game “Jet X”, launched in 2018, marked a breakthrough in the genre and continues to lead the transformation of non-traditional games into mainstream casino offerings. “Jet X” has become the most popular game for SmartSoft, but mission doesn’t end there. Along with “Jet X”, SmartSoft have released numerous innovative games within a year. These games are distinctive in their mechanics and visuals, reflecting company’s commitment to continuous innovation through creativity and passion.
The latest innovation, a visual symphony known as “Helicopter X”, has been captivating users since November 2023. The groundbreaking Crash game designed to revolutionize the online casino landscape. This game combines innovative gameplay mechanics with stunning visual and auditory elements, offering players challenges and multiple strategic options. In “Helicopter X,” players control a helicopter, aiming to cash out before a crash occurs. The game features the Diamond Feature, which randomly boosts multipliers, adding excitement to every round. With it’s fascinating features and results “Helicopter X” offers high stakes and high rewards.
One more gem from SmartSoft – “Mine Island” presents an innovative and exhilarating addition to the online casino world. Since the release in December, this innovative game blends simplicity with excitement, making it accessible to both novice and experienced players. Its 10-stage progression system introduces a unique twist to traditional minefield games, allowing players to strategically decide when to collect winnings or risk progressing for higher multipliers, thus enhancing the gaming experience. The game offers substantial rewards and a compelling risk-reward dynamic. The intuitive gameplay, combined with strategic depth, ensures that “Mine
Island” stands out in the crowded casino market. Visually stunning design and user-friendly interface reflects a deep understanding of player preferences and behaviors.
“Crash Duel X” is an adrenaline-pumping world where strategic betting meets thrilling gameplay, achieving more success daily since launching in December of 2023. SmartSoft Gaming invites you to experience the rush of Crash games with an unparalleled gaming experience, with its diverse betting strategies and exciting features. As the first game on the market to introduce Crash Side Bets, “Crash Duel X” revolutionizes the traditional Crash game mechanics by integrating the best practices from online casino games with side bonus bet features. This innovative approach provides players with multiple strategic options, enhancing the overall gaming experience.
This is just a glimpse into SmartSoft’s ongoing commitment to innovation. Smartsoft, together with its team of professionals, continues to work actively, generating ideas and creating stunning visuals to deliver only the best products to its partners. Stay tuned for more groundbreaking developments and innovative solutions from SmartSoft.
The post SmartSoft Keeps Crafting Innovations appeared first on European Gaming Industry News.
The National Indian Gaming Commission (NIGC) released fiscal year 2023 Gross Gaming Revenue numbers totaling $41.9 billion, an increase of $1 billion, or 2.4%, from the historic FY 2022 GGR of $40.9 billion.
Acting Chairwoman Sharon M. Avery and Vice Chair Jeannie Hovland made the announcement at the Wisconsin Gaming Regulators Association Summer Conference in Green Bay, Wis.
This year’s revenue reflects the viability of tribal gaming operations, as tribal gaming continues to adapt to technological advances and changes in consumer preferences. All eight NIGC regions demonstrated growth in gaming revenue since the last GGR report.
“This year’s GGR results demonstrate how a strong regulatory framework and diversity of tribal gaming enterprises generates growth in the gaming industry. Again, this year, tribal gaming operators and regulators have proven that their ingenuity and tenacity are catalysts for growth, even in the face of an ever-changing gaming landscape. This steadfastness will ensure that tribal gaming remains a valuable resource for continued economic sustainability in tribal communities,” said Avery.
“I congratulate the industry regulators, operators, and tribal leadership on another successful year. Their hard work in meeting and overcoming the challenges presented by an increasingly competitive market is evidence that tribes are resilient, and their gaming expertise is yielding benefits for their nations as IGRA intended,” said Hovland.
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