MaxMind working online Anti-fraud measures
MaxMind, Inc., is co operating with GeoComply on developing and implementing anti-fraud solutions for the vibrant online gaming market. MaxMind specializes in IP intelligence and on the identification of internet fraud.
GeoComply ensures that the geographic location of an online casino is identified and thus can comply with the regulators requirements. With the explosion of tablets and mobile devices it is often difficult for the websites to actually know where their customers are and whether they comply with the local statutes and tax requirements. Now that internet providers are obliged to comply with a host of regulations concerning their operations and where their customers are operating from this has become obligatory.
With GeoComply and its proprietary software it is now possible to know exactly from whereabouts the customer is operating . Their CEO says that the need for the casino operators to know more about their customers and current locations, as well as some robust anti fraud measures are becoming more and more important. This is particularly true of providers and providers looking to launch on the internet projects in the U.S. The anti-fraud capabilities enhanced by MaxMind, will allow GeoComply to better provide our clients with protected, spoof-proof place engineering to deal with their management and legal obligations.
Although regulations concerning the actual location of gamers vary from place to place, there are many fraud issues such as abuse of the bonus schemes, Money Laundering and other issues to do with payments which could affect the integrity of the business.
MaxMind Business Development has an existing relationship with regulators and gaming providers so there is a good fit with GeoComply. MaxMind devotes a lot of its resources into solving business problems in many industries. It also has proven fraud detection software and combining this with the location software provided by GeoComply will assist Internet Gaming providers to safely operate online.
One thing is for certain, technology and the gaming market are continuously evolving, and so are the attempts by fraudsters and hackers and the like to cheat the systems. So it is important that gaming providers keep one step ahead and are proactive in seeking alarms and advance warning of a fraud in progress.
When someone is deceptive or misrepresents the truth to get things they’re not
entitled to, they’re committing fraud. Unfortunately, this has always been a problem
for the business community.
Now, with the advent of ecommerce, merchants who trade online need to be aware
of the potential for loss through fraud. Anyone who conducts online transactions is at
risk. But there are warning signs to alert one and steps that can be taken to minimize that risk.
Chief amongst these is Credit Card Fraud and obviously MaxMind is well aware of this keeping a tight monitor on all credit card reports. The danger for a Casino is obviously that they extend credit and that money is spent, Then the true owner of the card repudiates the transaction and the Credit Card company will then recover this amount from the Casino, plus related fees.
Thus the whole assurance that one is transacting with the legally entitled owner of a credit card is vitally important.