With this study, IDnow and SBC Media set out to establish an industry benchmark for what the biggest compliance challenges of 2024 are and evaluate how they are likely to evolve during the year.
The study looked at four areas: compliance, fraud, onboarding, and financial risk checks. It asked over 100 operators working in markets across Europe, the US, and Latin America about their experiences and expectations to obtain an international perspective on the industry’s biggest pain points.
The challenges faced by betting and gaming operators’ compliance teams are many and varied. As the industry continues its move towards regulation in new territories and tighter regulation in established markets, and the technological revolution keeps speeding ahead, those issues are in a state of constant change.
Insights and key findings included
Bonus abuse was the most-common form of fraud attack identified by operators in 2023
Operators expect to see a growth in social engineering attacks and document fraud in 2024
Few operators in the Americas identified money laundering attacks in 2023, but many expect to see this type of fraud become more prevalent
Security and data privacy and accuracy are the most important factors for operators when implementing an onboarding procedure
Submission of personal financial information documentation is the stage that sees the biggest drop-off rates in the onboarding process
Bonus abuse was the most-common form of fraud attack identified by operators in 2023
Operators expect to see a growth in social engineering attacks and document fraud in 2024
Few operators in the Americas identified money laundering attacks in 2023, but many expect to see this type of fraud become more prevalent
Security and data privacy and accuracy are the most important factors for operators when implementing an onboarding procedure
Submission of personal financial information documentation is the stage that sees the biggest drop-off rates in the onboarding process