In 2024, the global online gambling industry is worth $92.27 billion and draws 94 million regular players. While admittedly impressive, this success is also a magnet for cybercrime. Hackers and data thieves see the millions in revenue and large amounts of data online casinos collect and want in on the action. How do operators like Betway circumvent this threat? Below, we review the top four security risks online casinos face and how operators protect you, your money, and personal data:
Identity theft and data breaches
Not everyone joins an online casino to play. While you may enjoy this sport betting Zambia casino for the fair odds and up-to-date stats, some people may sign up simply to steal data.
Data breaches are usually orchestrated by hackers looking for personal data like names, account details, addresses, and phone numbers. They may sell this data to the highest bidder or use it to commit identity fraud, racking up debt, or a criminal record in your name.
Online casinos like Betway protect their systems from data breaches through encryption and know-your-customer (KYC) protocols. Encryption software scrambles your data in transit, making it undecipherable to unauthorized persons. Meanwhile, KYC standards ensure that people who create betting accounts are who they say they are.
Ransomware and malware attacks
A ransomware attack is a cybercrime in which hackers lock operators out of their systems and demand payment to restore access. It is among the most expensive forms of hacking in the online space. In the first six months of 2024, the average ransomware attack included $5.2 million in extortion, an all-time high.
Malware attacks involve installing malicious software onto websites to track keystrokes and steal personal user data, such as passwords.
Large casinos, including Caesars Entertainment and MGM Resorts, have fallen victim to ransomware and malware attacks in 2023. Providers like Betway incorporate antimalware software and firewalls into their systems to protect you and themselves. Others use technologies like AI, ML, and big data to monitor and thwart malicious online activity.
Credential stuffing
Credential stuffing happens when cybercriminals use automation tools to test large volumes of stolen login credentials across gambling platforms. Players often use the same password for everything. Because hackers know this, they steal passwords from other sites and use them to try and gain access to gambling accounts. In November 2022, credential stuffing exposed 68,000 accounts to hackers, leading to $600,000 in unauthorized withdrawals.
Mobile casinos respond to this threat through two- or multi-factor authentication. This safety measure requires you to enter multiple credentials to access your account, such as your password and fingerprint, password and face, or password and security answer.
Phishing attacks
Phishing scams are fraudulent communications, such as emails, designed to resemble legitimate information. They typically contain links or requests that either steal or trick you into providing your data, including your account number, phone number, and login credentials. According to industry statistics, phishing scams account for 22 to 30 percent of all data breaches. 91 percent of online scams begin as a phishing email.
Casino providers monitor and report copycat sites to protect bettors from this risk. They also educate players on how to identify fraudulent emails and information requests.
Play at a reputable online casino
Online casinos have brought more convenience to gambling than anyone could have anticipated. Players access their favorite casino games on their mobile devices from anywhere in the world at the touch of a few buttons. However, as accessible as online gaming platforms are to players, they are equally accessible to hackers and identity thieves. To remain safe online, play with a reputable operator like Betway, which has strong security protocols and safety features.
