Ops saved US$10mln in 1H via SOFTSWISS anti-fraud efforts

Jul 28, 2023 Newsdesk iGaming, Latest News  

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Gaming software provider SOFTSWISS says the group’s Anti-Fraud team, part of its Managed Services division, helped its clients save more than EUR9.2 million (US$10.1 million) in the first half of 2023, up 23 percent from the prior-year period.

In a Thursday press release, the company stated it was “increasing its efficiency”, in order “to meet the evolving challenges of its clients”.

SOFTSWISS stated that its Anti-Fraud team processed 60,000 requests from operators in a “wide range of issues,” including player checks and suspicious activity notifications.

“Almost 70 percent of all fraud detected by the Anti-Fraud team was related to bonus abuse, with another 10 percent attributed to money laundering,” stated the firm. “The remaining cases included chargeback, payment system abuse and other types of fraudulent activity,” it added.

Ilya Nesterau, Anti-Fraud team lead, was cited as saying: “The team has successfully resolved more than 100 player complaints placed with regulators or industry forums.”

The executive added: “Leveraging our extensive expertise, we carefully examine each problematic situation, offering operators thoughtful consultations on how to resolve issues without escalation.”

SOFTSWISS has been developing “new fraud-detection tools”, by “implementing neural networks” and “machine learning” technology, among others.

The company said earlier this week that it has been using artificial intelligence technology to help its anti-fraud work done on behalf of iGaming operators.

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