GGRAsia – SOFTSWISS fraud checks help ops secure US$14mln in 2023

SOFTSWISS fraud checks help ops secure US$14mln in 2023

Jan 08, 2024 Newsdesk iGaming, Latest News

SOFTSWISS, a provider of digital technology to the online betting and online casino sectors, helped secure more than EUR13 million (US$14.2 million) for industry clients during 2023, via the work of its anti-fraud team within SOFTSWISS Managed Services.

This and other work “underscores our dedication to delivering exceptional service and ensuring the success of our clients in the dynamic landscape of the iGaming industry,” said Ilya Nesterov, anti-fraud team lead, as cited in a Friday press release.

During the year, that team is said to have efficiently handled over 100,000 tasks, “demonstrating a remarkable 62 percent increase in its year-on-year output,” noted the company. The issues ranged from operator requests and player verifications, to reports of suspicious activities.

SOFTSWISS said that “predominantly”, the detected frauds related to “bonus abuse”, with a smaller percentage associated with money laundering. The remaining cases involved chargeback incidents, abuse of payment systems, and various other forms of fraudulent activities.

The anti-fraud team lead noted: “In addition to this, the team has successfully addressed over 200 player complaints submitted to regulators or industry forums. Drawing upon our vast expertise, we meticulously analyse each challenging case, offering operators thoughtful consultations on how to settle issues before they escalate.”

The anti-fraud boss added: “Through the efficient resolution of the named disputes and complaints submitted by players, we were able to aid SOFTSWISS clients save an additional EUR350,000.”

SOFTSWISS says it is developing “an advanced automated tool” to monitor players for any suspicious behaviour and evaluate corresponding risk levels.

“This innovative system utilises a comprehensive range of available metrics and indicators to enhance accuracy and effectiveness in identifying potential risks,” stated the company in the Friday update.

The firm says more than 200 casino brands are already using its Managed Services. That part of the business deals with: first line support; VIP player support; player retention and reactivation; and content management.