GGRAsia – SOFTSWISS says it saved ops US$17mln via anti-fraud efforts

SOFTSWISS says it saved ops US$17mln via anti-fraud efforts

Mar 24, 2023 Newsdesk iGaming, Latest News

Gaming software provider SOFTSWISS says the group’s Anti-Fraud team, part of its Managed Services division, reported its “best performance ever” in 2022. The firm’s experts in that field helped SOFTSWISS partners save more than EUR16.0 million (US$17.3 million) last year, up 14 percent from 2021, the company said in a Thursday press release.

SOFTSWISS stated that its Anti-Fraud team processed 61,810 requests related to 200 projects in 2022, registering a 53-percent increase year-on-year in terms of its output.

“As a result, SOFTSWISS clients saw bigger savings on their accounts,” said the iGaming provider. It added that in fourth quarter 2022, the saved amount for its clients “almost doubled” versus the first quarter of 2022, growing by an “impressive” 88 percent.

According to the release, almost 70 percent of all fraud stopped by SOFTSWISS’ experts “was bonus abuse, with money laundering and payment system abuse accounting for 10 percent each”.

SOFTSWISS also said that it was paying close attention to fraud related with cryptocurrencies, as the technology has “become an easy target for fraudsters” due to the “decentralised and anonymous nature of these digital assets”.

Ilya Nesterau, Anti-Fraud team lead, was cited as saying: “It has been an extremely positive year for the Anti-Fraud team in our fight against negative actors in the industry.”

The team leader added: “Our team continues to expand at a rapid pace, with our headcount more than doubling in 2022, as we become an increasingly vital part of our infrastructure.”

The executive also said SOFTSWISS was focused on developing “new fraud-detection tools”, by “implementing neural networks” and “machine learning” technology, among others.