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New report today reveals a staggering 85% increase in online fraud with over a fifth of all online traffic now an attack

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  • In the UK: gaming, online streaming and social media sites, travel and retail/ecommerce companies are the worst hit by fraudsters

  • Experts also find that the metaverse is already fast becoming a fertile breeding ground for cybercrime and newly defined, ‘Master Fraudsters’

A new report released today, The 2022 State of Fraud and Account Security, is warning UK commerce that it faces its most challenging year ever. Experts from the Arkose Labs Network, an online fraud deterrence platform, analyzed over 150 billion transaction requests across 254 countries and territories in 2021 over 12 months to discover that there has been an 85% increase in login attacks and fake consumer account creation at businesses.  Alongside this, it identified that a quarter (one in four) of new online accounts created were fake. A further 21% of all traffic was confirmed as a fraudulent cyber attack. 

“From the earliest days of online information to the rapid evolution of today’s metaverses, the internet has come a long way. However, this latest data shows that it is more under attack than ever before,” said Arkose Labs Founder and CEO Kevin Gosschalk. 

He continued: “Your digital identity is a currency for fraudsters and wherever there is online commerce, cybercriminals are quick to identify vulnerabilities.”

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The new report focused on a number of key themes:

The Worst Attacked Sectors in the UK

The latest research took a deep dive into UK business specifically to understand which sectors were the most attacked by online criminals. The ongoing popularity of online gaming puts it top of the list for fraudsters with almost half (46%) of all the attacks in the UK, as seen by Arkose Labs. Digital media companies (social networks and online streaming platforms) are also high value targets and represent a third of all attacks, seeing an 88% increase since 2020. Across all sectors including ecommerce/retail, travel, gaming, financial services, one in every four new online accounts created were fake throughout 2021. 

Metaverse companies are more likely to be targeted by “Master Fraudsters”

The rise of virtual worlds has created new attack opportunities for bad actors. Early insights from the Arkose Labs Network show scams, microtransaction abuse, and unfair play are the top threats in a metaverse world. These companies experienced 80 percent more bot attacks and 40 percent more human attacks than other businesses. “Master Fraudsters” attack their targets by scripting together multiple tools with intense persistence. They combine bots and human fraud farms, and invest large amounts of capital, creating virulent attacks. Top attack patterns Master Frauders use to disrupt fair commerce include microtransaction fraud, spam and scams.

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Crypto-fraud sees Asia overtake Russia as the world leading attacking region

In prior years, Russian attacks were more common, but in 2021, attackers from Asia took the top spot, with 40 percent of all attacks coming from this region. One in every two Asian attacks originated from China. Leveraging an ecosystem of tools and low-cost resources, two-thirds of Chinese attacks targeted registration, primarily driven by abusing free trials at cloud computing platforms for crypto mining. 

Credential Stuffing attacks see a significant spike

Attacks are more volatile than ever. A single attack can consume nearly 80 percent of traffic at peak periods, and in 2021, credential stuffing spikes hit up to 76 million per week. Attack rates doubled during peak season in November, making it the most dangerous month in 2021. Bots were used almost exclusively in Black November. 

The Intelligent Bot

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Attackers have continued to invest in increasingly sophisticated bots. Bots mimic human behavior with a high degree of accuracy and in 2021 accounted for 86 percent of all attacks. Today’s bot signatures are three times more complex than signatures of previous years. This level of sophistication makes it more difficult to assess risk and make accurate decisions. Businesses require even more sophisticated analysis to detect anomalies and prevent loss.

Arkose Labs provides support for some of the world’s most recognized brands and platforms, including Honey, LinkedIn, Microsoft, PayPal, Pitney Bowes, Roblox, Venmo, and Zilch, covering industries, including financial services, fintech, gaming, retail, technology and social media, representing more than 1 billion social media users, 60 percent of online video gamers, and 40 percent of all retail volume.

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The MeridianBet – Golden Matrix Transaction Secures Approval at GMGI Shareholder Assembly

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The MeridianBet Group, Southeast Europe’s leading Business-to-Consumer (B2C) sports betting and gaming group, operating in multiple markets across Europe, Africa and Latin America, announced that the shareholders of Golden Matrix Group (GMG), a developer, licensor and global operator of online gaming and eCommerce platforms, systems and gaming content, have voted to approve the acquisition of MeridianBet.

Commenting on the merger Zoran Milosevic, Chief Executive Officer of MeridianBet Group, said: “Today marks a major milestone for MeridianBet and I am thrilled that the shareholders of Golden Matrix have overwhelmingly voted in favor of the acquisition of MeridianBet. By joining forces, we are not only expanding our reach but enhancing our ability to provide customers with a diverse and comprehensive offering whilst creating a leading global betting group. I look forward to announcing the completion of the deal in due course.”

The post The MeridianBet – Golden Matrix Transaction Secures Approval at GMGI Shareholder Assembly appeared first on European Gaming Industry News.

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BMM INNOVATION GROUP TO EXHIBIT AT THE INDIAN GAMING TRADESHOW (IGA) APRIL 10-11 AT THE ANAHEIM CONVENTION CENTER, DEMONSTRATING COMMITMENT TO TRIBAL PARTNERSHIPS, INDUSTRY ADVANCEMENT

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The BMM Innovation Group will exhibit in Booth No. 628

BMM Innovation Group (“BIG” or the Company), a technology conglomerate providing world-class services and cutting-edge solutions to the global gaming industry, today announced that the Company and its representatives are exhibiting, attending, and speaking at the Indian Gaming Association (IGA) Tradeshow April 10-11 at the Anaheim Convention Center in Anaheim, California. BIG, which includes BMM Testlabs, BIG Cyber, and RG24seven Virtual Training, will exhibit in Booth No. 628.

BMM Innovation Group Chief Marketing Officer Laura Olson-Reyes said, “The IGA event serves as a cornerstone in our ongoing commitment to strengthening partnerships with Tribal stakeholders, understanding their evolving needs, and collectively driving innovation and progress in the industry. We are excited to engage in insightful discussions, share our expertise, and showcase our latest services that empower and protect Tribal enterprises.

Experts and thought leaders from BMM Testlabs, BIG Cyber, and RG24seven Virtual Training will be on hand at the booth to discuss the Companyߣs testing, certification, cybersecurity, and training solutions for land-based and digital Tribal markets.

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In a show of support for Tribal gaming, the BIG Group will be presenting a scholarship to the Tribal Gaming Protection Networkߣs NextGen initiative during the show. This initiative brings together a talented group of emerging leaders and young professionals in the Tribal gaming industry.

Olson-Reyes said, Éc;We are proud to have served Tribal gaming and supported its communities for more than 23 years, and we are honored to contribute to the Tribal Gaming Protection Network and its focus on creating a nurturing environment for young professionals to collaborate, learn, and lead in the Tribal gaming sector.

BIGߣs thought leaders will speak on several panels during the IGA conference:

  • 3 p.m. Monday, April 8 Room 204B: Amit Sharma, Chief Executive Officer of BIG Cyber, will present on Data Security and Privacy in AI-Enabled Casinos
  • 10 a.m. Tuesday, April 9 Room 203B: Sharma will speak on a panel on Tribal Gaming Security Standards ߝ why they matter and a possible roadmap to building a dedicated Tribal security gold standard
  • 3 p.m. Tuesday, April 9 Room 204A: Wendy Anderson, Chief Executive Officer of RG24seven Virtual Training, will speak on a panel focused on The Staffing Challenge: Innovative Approaches to Casino Workforce Management

Visit xpressreg.net to register for free entrance to the IGA trade show exhibits, courtesy of BMM.

 

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Casimaru.com Reinforces the Product with the New Free-Play Feature

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In the dynamic world of online casinos, Casimaru.com emerges as a standout player, captivating customers with its innovative approach to the online casino experience. Casimaru.com has recently introduced a game-changing feature to its platform – a free-play slot feature that is set to redefine the way new players enter the online casino world.

Casimaru.com, a leading online casino portal web site that has garnered attention for its exclusive offers, accurate information, and entertaining content. As a hub for both avid casino enthusiasts and beginners, Casimaru.com has become synonymous with a top-tier portal web site, listing numerous online casino sites that cater to players of varying preferences.

Recognizing the evolving demands of the online casino community, Casimaru.com has taken a significant step by introducing a new free-play slot. This strategic move aims to attract a broader audience, providing both novice and experienced players with the opportunity to explore the latest slot games without financial commitment.

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The free-play slot enhances the overall gaming experience, allowing users to familiarize themselves with the diverse array of games available on operators. Players can now engage in risk-free exploration, capturing the characteristics of various games and discovering new favorites.

Moreover, Casimaru.com hosts free tournaments by utilizing the free-play slot feature, further elevating the excitement for players. This innovative approach does not only adds an element of competition but also encourages players to immerse themselves in the online casino world. The free tournament serves as a gateway for players to experience the thrill and enjoyment of online gaming without any financial risk.

The free-play slot feature on Casimaru.com is made possible through collaboration with one of the leading game providers in the industry. This partnership ensures that the feature is not only enticing but also supported by high-quality, engaging content. By joining forces with a renowned game provider, Casimaru.com fortifies its position as a trailblazer in the online casino industry, providing players with the latest and most accurate information, as well as the highest quality gaming experience.

Ultimately, Casimaru.com sublimates the feature into even more effective opportunities for increased player engagement, drawing individuals into the world of online casinos and encouraging them to stick around for a more immersive and enjoyable gaming experience.

The post Casimaru.com Reinforces the Product with the New Free-Play Feature appeared first on European Gaming Industry News.

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