Instant payments and digital wallets remain the most ‘promising financial innovations’ for the igaming sector, according to Liron Warhaftig, VP – Payments, Risk & Fraud Prevention at BetMGM.
Warhaftig was speaking to Payment Expert ahead of SBC Summit in Lisbon where he will be participating in the Payment Expert Summit.
When asked about what developments the gambling sector should most look to tap into from the financial sector, Warhaftig outlined the importance of advanced payment options.
He said: “The most promising financial innovations for the betting experience are instant payments and digital wallets. These technologies offer faster and more secure transactions, which significantly enhances the overall user experience. Digital wallets, such as PayPal or Apple Pay, provide quick and easy deposit options, drastically reducing transaction times.”
He also underlined that it is crucial for compliance frameworks and KYC strategies to keep pace with technological advancements to avoid security vulnerabilities and regulatory breaches.
“AI and machine learning, for instance, can strengthen KYC processes by rapidly detecting fraudulent activities and verifying user identities in real time”, added Warhaftig.
“This proactive approach not only helps maintain regulatory compliance but also safeguards companies and their customers from potential threats.”
In terms of the adoption of tech, he added that there are lessons to be learnt from the financial sector, specifically pinpointing the evolution of AI and blockchain.
“By integrating similar technologies, gaming operators can enhance their security measures and improve customer trust.
“For example, using AI to monitor transactions in real-time can help detect suspicious activities quickly, thereby preventing fraud and ensuring a safer gaming environment.
“AI and machine learning are critical innovations for gambling compliance. They can detect unusual patterns and behaviours indicative of fraud or money laundering much faster than traditional methods.
“For instance, these technologies can analyse vast amounts of data in real-time, identifying potential risks before they escalate. Implementing these tools can streamline compliance processes, making them more efficient and effective.”The Payment Expert Summit, part of the upcoming SBC Summit, will be held at the Feira Internacional de Lisboa from September 25-26. Secure your spot with the Early Bird ticket offer, which provides access to all three core days of the event, including the exhibition floor, conference sessions and evening networking parties, all for the discounted price of just €400.
