As the gaming industry transitions from traditional casino floors to online platforms, the associated risks have evolved. While physical casinos once worried about counterfeit chips, today’s digital landscape faces threats like denial-of-service attacks, advanced hacking, and user account fraud. The need for robust security measures in the iGaming sector has never been more critical.
Prioritising security in iGaming transactions
Security is paramount in the iGaming industry, where large sums of money move across borders and platforms daily. “Ensuring that fintech services in iGaming are legally compliant and consistently stable is our top priority,” Ariyo Aboumahboub, Chief Business Development Manager of Infipay Tech told SiGMA News.
Infipay Tech, a payment service provider, understands the risks associated with iGaming transactions, including scams, fraud, and money laundering. To combat these, the company has implemented several security measures. “We initially relied on manual KYC (Know Your Customer) checks,” Aboumahboub explained, “but we’ve now transitioned to automated verification systems. Additionally, we encrypt data and use machine learning to analyse transaction patterns, significantly reducing the risk of fraud.”
Leveraging AI, blockchain, and crypto for payment innovations
The fintech industry is evolving at an unprecedented pace, with technologies like cryptocurrency, blockchain, and artificial intelligence (AI) leading the charge. Aboumahboub believes these technologies will soon dominate the financial landscape, particularly in sectors like iGaming. “The fintech industry is growing faster than expected. Everything is moving toward crypto and blockchain. In five years, I believe cash will be obsolete, replaced by safer, faster, and more secure crypto transactions,” he predicted.
Infipay Tech is preparing for this future by integrating AI and machine learning into its services. These technologies not only enhance security but also improve the efficiency and user experience of their payment solutions. Furthermore, the company is expanding its offerings to include cryptocurrency transactions, allowing merchants to seamlessly convert fiat to crypto and vice versa.
Strengthening payment solutions through strategic bank partnerships
According to Aboumahboub, a crucial element of Infipay Tech’s strategy is forming partnerships with local banks across Southeast Asia. These collaborations help the company navigate complex regulatory environments while bolstering the security and reliability of their services.
“The partnerships with local banks and providers are vital to our business,” Aboumahboub stated. “Finding a bank that trusts us enables us to offer better, safer services to our merchants.”
