Despite the many strides made by the iGaming industry – and there are many – online security continues to pose a major challenge. The risk of losing private data to unscrupulous actors discourages new players from joining online casinos. Vulnerabilities in cybersecurity also expose major online gambling platforms like Betway to cyberattacks, which can harm the bottom line. To mitigate these risks, online casino providers prioritize cybersecurity and regulation. This is true for any financial year, especially as the market continues to expand. Here is a look at online casino security trends we may see this year.
Streamlined Regulation
Regulation, while active, remains one of the biggest problems facing the industry. The issue is that multiple regulatory bodies around the world oversee the operations of platforms like Betway Casino Zambia in addition to licensing them. However, these bodies are almost always lone-acting and localized. Even the most popular and widely used regulators, like the Malta Gaming Authority and the UK Gambling Commission, don’t have similar policies. The gaps created by the lack of international regulation for the industry are often exploited by bad actors. With the increased interest in cybersecurity last year, however, we may see more streamlined regulations in 2024.
Blockchain Technology and Smart Contracts
Blockchain technology is not a new invention. Its most popular application, cryptocurrency, has been used to provide a faster, safer, more anonymous form of payment for online casinos. Recently and moving forward, however, we will see this technology find more use in the cybersecurity space. Smart contracts are already enabling accurate automated transactions. Blockchain systems will also find use in ensuring fair play by analyzing player patterns and enhancing data protection through encryption.
Advanced Verification
Minors and unscrupulous hackers have, in recent years, found loopholes through which to get into online casinos. This is why we are bound to see more focus on age and identity verification systems this year. Developments in advanced verification technology will see stakeholders use Geo-fencing and location services to regionalize access and AML compliance systems to prevent financial crimes on online gambling sites. This development will also likely bleed into security, especially as a way to promote responsible gambling and help regulators streamline gaming licenses.
Decentralized Identity Verification
In line with the move to improve identity verification, we may also see an improvement in the Know Your Customer (KYC) processes that currently help the industry manage and screen memberships. Online casino providers will likely move toward decentralized KYC solutions, which will continue to secure identity verification at reduced costs. Decentralizations will improve security by ensuring that user data is not stored on a single, more vulnerable centralized server.
AI and Problem Gambling
AI has become just as crucial to on-site security in the online casino industry as regulation is to the general market. As regulators try to curb the issue of problem gambling, we may see AI find more utility in screening player behaviour to spot impulsive and addictive behaviour. Operators currently use self-limiting programs to enable users to limit their access to online casinos for certain periods. However, doing this manually is fast, proving unfeasible, and it is only natural that AI will take over. AI will also continue to track user behaviour for any suspicious or fraudulent actions.
You Can Protect Yourself Online by Picking a Trusted Provider
As the online gambling space evolves, so do measures and systems designed to protect stakeholders, players, and their data. Online gambling providers are very keen on mitigating cyber risks even as regulators work to tackle rogue actors and problem gambling. However, as with most forms of security, your online safety begins with you. You can stay safe online by setting strong passwords, keeping your login information private, setting up firewalls on your device, and using trusted providers like Betway.
