On the one hand, when you turn on the news or read news reports, you can’t help but notice the continued coverage that the American iGaming section continues to get. Well, when you drop over $65 billion in 2023, people are going to start talking, and for good reason. As more states grapple and fight it out to legalize online iGaming, the seven states where it is legal have a challenge of a lifetime—cyber thieves. Because cyberthieves don’t sleep and only look for an opening, which is why the American iGaming sector continues to rely heavily on AI to continue to thrive.
AI Against Malware and Ransomware Attacks
You might have heard about prominent 500 companies and agencies being held hostage through ransomware attacks, costing hundreds of millions. In reality, cyberthieves cause trillions in damages, not to mention permanent brand damage, to attract new business. However, the major iGaming sites have been able to stay ahead of the threat mostly by using AI to scout and look for potential anomalies or inconsistent behaviors in the network.
If the AI model is programmed correctly, it can look for inconsistent or sudden changes in a member’s actions. For example, if they are using the wrong password to log in, or even worse, using another member’s credentials, it is likely that fraud is waiting to occur, and AI springs into action. Taking action can mean locking that particular member out of the overall network so that no opening is available to introduce malware that can cripple the network.
In addition to swift action, AI programs log these actions for future reference. That way, if something similar occurs in the future, it can act even faster to further reduce the potential of malware.
Financial Fraud and Unauthorized Withdrawals
Besides providing an exciting and extensive game library, iGaming sites and online casino apps rely heavily on members making deposits and processing withdrawals in large volumes. As you can see, the door opens for cybercriminals to hack these transactions or cause extreme complications. However, AI has progressed so much that through the usage of behavioral analytics, AI can stomp out fraudulent acts occurring in real-time and take decisive action.
For example, AI behaviorally analyzes how a member usually makes a deposit. If PayPal has been their preferred method ever since they joined, and suddenly, they switch it up with a credit card, that can cause alarm. In such situations, AI will use the iGaming site to look for further verification and even make the members prove that they are who they say they are before being allowed to enter the network.
AI will use machine learning algorithms to compare the new data against historical records to help determine authenticity. This measure protects the overall safety of all members and further increases iGaming’s brand reputation as safe, which leads to more memberships.
AI Going Against Bots
On the one hand, AI continues to be a major force and contributor to improved customer support through chatbots; when used for bad intentions, bots can cause bigger problems for network security. That’s why when dealing with a live AI chatbot, the iGaming site will ask you to confirm your identity by already being logged in. Not only will AI check to see if your credentials match, but it will also check to see which device you are on.
For example, suppose you usually log in and interact with an iGaming site from a particular address or a web browser like Mozilla, and you suddenly are on an iPhone and a different address.
In that case, AI might suspect that you’re a bot and take decisive action. It will prompt you again to verify your identity and other confirmation measures to ensure that you’re not a bot.
Enhanced Data Protection
It’s no mystery that unsecured data connections and devices are an invitation for cybercriminals to compromise you and perhaps the iGaming site. But with AI taking charge, it takes encryption to the next level. Like a VPN routes and re-routes IP addresses and sensitive data throughout its server networks through an encryption key, AI also heavily encrypts members’ data. In addition, AI will house this data behind several firewalls and encryption layers to keep cybercriminals out of your gaming space.
Key Takeaways
As the American iGaming industry surges, the threat of cyberattacks will only grow. Fortunately, AI will continue to serve as the ultimate balancing act and friend for the major iGaming sites against ransomware and malware attacks. Through machine learning and behavioral analytics, AI is poised to get better at fraud protection and inspire members to come back for more.
