ConnectPay will, this year, invest an additional €750,000 in Anti Money Laundering (AML) and Counter-Financing of Terrorism compliance solutions.
The online banking service provider believes that security of transactions must be top priority for higher risk sectors such as online gambling, adding that financial crime across all industries has reached $2.1 trillion per annum – a figure ConnectPay expects to rise as a result of COVID-19.
“The increased online gambling sessions correlate with the noticeable jump in payment transactions,” said Liutauras Varanavičius, Head of Business Development at ConnectPay.
“When comparing data from January with the stats from April, we have noticed a 30% increase in gambling-related transactions. Even though it’s hard to predict how prolonged the aftermath of the pandemic will be, the necessity of instating more precautionary measures to support secure payments is too apparent to be left unaddressed.”
To keep the ‘scammers’ at bay, ConnectPay has continuously invested in innovative fraud prevention solutions, latest AML safeguards and other smart tools. Key in the battle against fraud is helping companies in underserved markets maintain credibility and minimise risks arising from soaring use of online gaming.
Varanavičius is firm in the belief that the surge in online gambling activity has increased the public’s exposure to digital risks, and is mindful that operators face a difficult dilemma in disassociating from fraudsters and remain credible while retaining their target audience.
He stated: “The spike in fraudulent financial activity could hit the sector even harder than others: it’s already under a magnifying glass due to the nature of acquired revenue, thus any association with financial fraud could be leveraged as a pretext to revoke acquired licences and restrict business.”
In confirming the additional €750,000 investment, Varanavičius emphasised ConnectPay’s thorough screening process, which prevents it from taking on clients involved in unethical business practices.