Canadian report reveals rise in suspected iGaming fraud
Suspected attempts rose by 79.3% year-over-year.
Key Points
- Reported suspected fraud attempts rose in several industries since last year
- The gambling industry rated the highest for suspected digital fraud attempts during the first half of 2024
TransUnion Canada has released a report outlining the effects of digital fraud attempts on various industries during the first half of 2024.
The report found that the gambling industry was among the top industries impacted by potential digital fraud attempts coming from Canada.
Gambling, including online sports betting and poker, rated the highest for suspected digital fraud attempts coming from Canada, with a rate of 9.6%.
Other industries with higher ratings include retail and government, with a rate of 9.2% and 7.7% respectively.
The report also listed the top three industries with the highest rate of year-over-year increase in suspected digital fraud attempts.
The gambling industry rated second on this list, with a year-over-year increase of 79.3%.
TransUnion Canada Head of Identity Management and Fraud Solutions Patrick Boudreau emphasized the importance of fraud protection in businesses.
He commented, “Protecting customers and their businesses from fraud is essential to enabling safe and tailored consumer experiences. These findings reveal that despite the good-faith efforts that are being undertaken by companies to identify and prevent fraud to date, fraudsters continue to evolve and it’s vital that fraud prevention methods keep up with the changing times.
“Businesses that aren’t already doing so should ensure that they are taking advantage of fraud prevention technologies such as identity verification, IP intelligence, device reputation and synthetic identity detection as critical components of their fraud prevention programs.”
Online gaming has been legal in the Canadian province of Ontario since 2023. To date, the province has 47 registered iGaming operators to offer local players access to 77 regulated sites.
Tags/Keywords
Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.
Latest News
