TransUnion Archives - Keno Wizard https://kenowizard.com/tag/transunion/ The Ultimate Keno Destination for Odds, Tips & Tricks Mon, 25 Mar 2024 19:05:06 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.5 https://i0.wp.com/kenowizard.com/wp-content/uploads/2023/02/cropped-keno-wizard-icon.png?fit=32%2C32&ssl=1 TransUnion Archives - Keno Wizard https://kenowizard.com/tag/transunion/ 32 32 230792155 TransUnion Report Exposes Soaring Digital Fraud in Online Gambling Industry https://kenowizard.com/2024/03/25/transunion-report-exposes-soaring-digital-fraud-in-online-gambling-industry/ https://kenowizard.com/2024/03/25/transunion-report-exposes-soaring-digital-fraud-in-online-gambling-industry/#respond Mon, 25 Mar 2024 19:05:06 +0000 https://kenowizard.com/2024/03/25/transunion-report-exposes-soaring-digital-fraud-in-online-gambling-industry/ Digital fraud continues to plague the online gambling industry, with a recent report from TransUnion shedding light on the alarming increase in fraudulent activities targeting gambling sites. According to the study, over 10% of online gambling transactions in the United States were suspected to be fraudulent in 2023, marking a significant rise from previous years. [...]

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Digital fraud continues to plague the online gambling industry, with a recent report from TransUnion shedding light on the alarming increase in fraudulent activities targeting gambling sites. According to the study, over 10% of online gambling transactions in the United States were suspected to be fraudulent in 2023, marking a significant rise from previous years.

The report highlighted promotion abuse as the most common type of fraud within the gambling sector, indicating a trend where fraudsters exploit promotional offers and bonuses offered by online casinos and sports betting platforms.

Steve Yin, senior vice president and global head of fraud solutions at TransUnion, emphasized the shift in tactics among fraudsters, noting that instead of compromising existing accounts, they are now creating new accounts using synthetic identities. Synthetic identities, often assembled from data obtained through multiple data breaches, have become a lucrative tool for fraudsters, contributing to the surge in fraudulent activities.

The study also underscored the role of data breaches in fueling digital fraud, with the number of data breaches in the US increasing by 157% from 2020 to 2023. This escalation in data breaches has facilitated the creation of fraudulent accounts and synthetic identities, posing a significant threat to the integrity of online transactions.

On a global scale, the retail sector surpassed gaming, including online gambling and poker, in experiencing the highest suspected digital fraud rate in 2023, reaching 8.7%, marking a 21% year-over-year increase. Furthermore, the telecommunications industry witnessed a substantial 111% year-over-year surge in suspected digital fraud rate, rising to 4.5%.

Economic Shifts Alter Gambling Landscape

Furthermore, TransUnion’s research highlighted the impact of economic conditions on gambling behavior. Despite the overall resilience of the US economy, factors such as declining consumer liquidity and low consumer confidence have dampened gambling activity as per another TransUnion report released in January. 

In Q4 2023, decreased consumer liquidity led to a 10% decline in overall betting activity, with millennials being the exception, as 77% reported better-than-planned household finances. TransUnion’s report revealed that betting behavior is closely linked to available cash, with high-value bettors significantly influencing the market. 

While land-based channels saw higher participation rates, online platforms attracted more high-value bettors, particularly those depositing over $500 monthly. Despite a decrease in overall participation, strategies focusing on expanding across channels proved successful. 

TransUnion highlighted that understanding the financial signals distinguishing resilient from distressed players is crucial for operators aiming to attract high-value bettors.

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