Laws and regulation

Re: Money Laundering

expat.iain — Fri, 12 Sep 2008 11:25:15 GMT

Depending upon their sphere of responsibility, there are a number of things that can be done. Fraud protection is not what you'd call an exact science, which is why it is not 100% automated, it takes a human eye to filter out false positives. However, all staff that will have to deal with any form of fraud protection will be provided with the necessary tools and information to help them with these tasks. It's just a case of learning the ropes to understand the tell-tale signs that something is fishy.

Regs.

Iain.

Re: Money Laundering

bingomaster — Thu, 24 Jul 2008 18:31:53 GMT

As the front line of a company, is there anything that Customer Support staff can do to watch out for fraud?

Re: Money Laundering

peter — Tue, 24 Jun 2008 20:32:43 GMT

Cheers Iain, that helps a lot.

I suppose it can't be easy to totally combat fraud over the internet due to the anonymity and speed of transactions however if all parties work together the situation can be helped.

Re: Money Laundering

expat.iain — Mon, 23 Jun 2008 21:54:29 GMT

peter
Is it primarily up to the iGaming company, Payment service provider or the Software Vendor to look out for fraud. Who takes the responsibility?

Look at in this way:

1. Gaming Company (GC) takes 100 bets on different account IDs with the same credit card (CC) - the GC will have safeguards in place with the Risk & Fraud team (RF) team to counteract this type of fraud. This sort of action will be flagged instantly as 'WTF'.

2. 100 GCs take one bet each from a client account. The PSP notices that they have 100 transactions coming in from 100 different GCs, each transaction being made with the same CC. That's going to flag up on the RF team systems.

In these basic examples it's not a case of any one single entity performing their necessary due diligence procedures, but more that we all have to be on our guard against this type of activity and each RF team will play its part in reducing the possibilities and instances of the occurrence of fraud. We all have the responsibility not only to watch out for potential cases of fraud, but *all* cases of unusual user activity.

HTH.

Iain.

Re: Money Laundering

peter — Sun, 22 Jun 2008 08:51:54 GMT

Hi Iain,

Thanks for your reply.

Is it primarily up to the iGaming compnay, Payment service provider or the Software Vendor to look out for fraud. Who takes the responsibility?

Re: Money Laundering

expat.iain — Fri, 20 Jun 2008 11:46:12 GMT

Every firm has a Risk & Fraud team. These people monitor activity to check for suspicious deposits/withdrawals. These people ensure minimal exposure to money laundering and take action when something does not look right. Upstream Payment Service Providers (PSPs) also have their own procedures too.

HTH.

Iain.

Money Laundering

peter — Mon, 16 Jun 2008 19:04:28 GMT

Do igaming companies have sufficient protection from fraudsters trying to commit crime? What measures do they take to protect themselves from this?