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New report today reveals a staggering 85% increase in online fraud with over a fifth of all online traffic now an attack

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  • In the UK: gaming, online streaming and social media sites, travel and retail/ecommerce companies are the worst hit by fraudsters

  • Experts also find that the metaverse is already fast becoming a fertile breeding ground for cybercrime and newly defined, ‘Master Fraudsters’

A new report released today, The 2022 State of Fraud and Account Security, is warning UK commerce that it faces its most challenging year ever. Experts from the Arkose Labs Network, an online fraud deterrence platform, analyzed over 150 billion transaction requests across 254 countries and territories in 2021 over 12 months to discover that there has been an 85% increase in login attacks and fake consumer account creation at businesses.  Alongside this, it identified that a quarter (one in four) of new online accounts created were fake. A further 21% of all traffic was confirmed as a fraudulent cyber attack. 

“From the earliest days of online information to the rapid evolution of today’s metaverses, the internet has come a long way. However, this latest data shows that it is more under attack than ever before,” said Arkose Labs Founder and CEO Kevin Gosschalk. 

He continued: “Your digital identity is a currency for fraudsters and wherever there is online commerce, cybercriminals are quick to identify vulnerabilities.”

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The new report focused on a number of key themes:

The Worst Attacked Sectors in the UK

The latest research took a deep dive into UK business specifically to understand which sectors were the most attacked by online criminals. The ongoing popularity of online gaming puts it top of the list for fraudsters with almost half (46%) of all the attacks in the UK, as seen by Arkose Labs. Digital media companies (social networks and online streaming platforms) are also high value targets and represent a third of all attacks, seeing an 88% increase since 2020. Across all sectors including ecommerce/retail, travel, gaming, financial services, one in every four new online accounts created were fake throughout 2021. 

Metaverse companies are more likely to be targeted by “Master Fraudsters”

The rise of virtual worlds has created new attack opportunities for bad actors. Early insights from the Arkose Labs Network show scams, microtransaction abuse, and unfair play are the top threats in a metaverse world. These companies experienced 80 percent more bot attacks and 40 percent more human attacks than other businesses. “Master Fraudsters” attack their targets by scripting together multiple tools with intense persistence. They combine bots and human fraud farms, and invest large amounts of capital, creating virulent attacks. Top attack patterns Master Frauders use to disrupt fair commerce include microtransaction fraud, spam and scams.

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Crypto-fraud sees Asia overtake Russia as the world leading attacking region

In prior years, Russian attacks were more common, but in 2021, attackers from Asia took the top spot, with 40 percent of all attacks coming from this region. One in every two Asian attacks originated from China. Leveraging an ecosystem of tools and low-cost resources, two-thirds of Chinese attacks targeted registration, primarily driven by abusing free trials at cloud computing platforms for crypto mining. 

Credential Stuffing attacks see a significant spike

Attacks are more volatile than ever. A single attack can consume nearly 80 percent of traffic at peak periods, and in 2021, credential stuffing spikes hit up to 76 million per week. Attack rates doubled during peak season in November, making it the most dangerous month in 2021. Bots were used almost exclusively in Black November. 

The Intelligent Bot

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Attackers have continued to invest in increasingly sophisticated bots. Bots mimic human behavior with a high degree of accuracy and in 2021 accounted for 86 percent of all attacks. Today’s bot signatures are three times more complex than signatures of previous years. This level of sophistication makes it more difficult to assess risk and make accurate decisions. Businesses require even more sophisticated analysis to detect anomalies and prevent loss.

Arkose Labs provides support for some of the world’s most recognized brands and platforms, including Honey, LinkedIn, Microsoft, PayPal, Pitney Bowes, Roblox, Venmo, and Zilch, covering industries, including financial services, fintech, gaming, retail, technology and social media, representing more than 1 billion social media users, 60 percent of online video gamers, and 40 percent of all retail volume.

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Industry Awards

Rickard Vikström Named European CEO of the Year in the Hosting Industry

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Rickard Vikström, CEO and founder of Internet Vikings, a licensed in-state hosting provider for U.S. iGaming and online sports betting, has been named European CEO of the Year in the hosting industry.

The award recognizes Vikström’s work in expanding Internet Vikings’ presence from Europe into the U.S., where the company has become the fastest-growing hosting provider for the iGaming and sports betting industry. Internet Vikings continues to see strong year-on-year growth, becoming the go-to hosting partner for European operators expanding into the U.S. market.

Vikström has led Internet Vikings through several key initiatives, including early market entry in emerging U.S. states, the introduction of flexible hosting models such as Pay-as-You-Go Bursting, and a focus on operational transparency and customer responsiveness. He also helped secure VMware Premier Partner status for the company.

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Internally, Vikström is known for his direct and accessible leadership approach, maintaining regular contact with clients and actively participating in customer support improvements.

This award highlights his ability to scale a European company internationally while maintaining close attention to service and technical reliability.

The post Rickard Vikström Named European CEO of the Year in the Hosting Industry appeared first on European Gaming Industry News.

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Construction of Japan’s First Integrated Resort with a Casino Begins

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Construction has officially begun on Japan’s first integrated resort with a casino, as MGM Osaka held its groundbreaking ceremony last week. The event, hosted by Osaka IR KK, the project’s promoter, was attended by Osaka Governor Hirofumi Yoshimura and representatives of MGM Resorts International and Japan’s Orix Corporation, the lead partners behind the ¥1.27 trillion ($8.8 billion) development.

Located on the man-made island of Yumeshima in Osaka Bay, MGM Osaka is scheduled to open in the autumn of 2030. The project marks a key milestone in Japan’s long-debated foray into legalised casino gaming. Once operational, it is expected to generate around $5.9 billion annually in gross gaming revenue.

MGM Osaka will feature a casino, three hotels with approximately 2500 rooms, and extensive convention and entertainment facilities, including a 3500-seat theater, 330,000 square feet of exhibition space and 400,000 square feet of conference areas. Dining and retail outlets are also part of the expansive master plan.

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“In collaboration with Osaka Prefecture and Osaka City, this project… is expected to contribute to the development of Japan’s tourism industry and the growth of the Kansai region,” a press statement reads.

The complex’s timeline coincides with the tail end of Expo 2025, also hosted on Yumeshima Island. To minimise disruption during the event, construction will be scaled down on peak days and the use of heavy machinery delayed until after the Expo concludes in October.

The resort will benefit from enhanced transportation access. A new Osaka Metro station opened in January to serve Expo 2025 and eventually MGM Osaka, while the Kintetsu Nara Line is being extended to further improve connectivity before the resort opens.

Financially, the project is backed by a ¥530 billion ($3.68 billion) debt financing package led by Mitsubishi UFJ Financial Group and Sumitomo Mitsui Banking Corp., with investments from regional businesses in Osaka.

The post Construction of Japan’s First Integrated Resort with a Casino Begins appeared first on European Gaming Industry News.

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SYNOT Games and R. Franco Digital Announce Strategic Partnership to Improve Casino Engagement

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SYNOT Games, a leading developer of innovative casino games and retention solutions, announced a strategic partnership with Spanish aggregator R. Franco Digital. This collaboration marks a significant milestone in delivering enhanced gaming experiences across Spain, Portugal, Mexico and Colombia.

In a move set to redefine player engagement in the iGaming industry, SYNOT Games has integrated its advanced retention solutions into R. Franco Digital’s flagship IRIS Platform, a comprehensive and flexible aggregation system. This strategic partnership, which unites SYNOT’s industry-leading tools such as the SYNOT Progressive Bonus and Free Round Bonus, promises to deliver an enriched gaming experiences for key Spanish-language markets.

The collaboration is designed to provide casino operators with an unparalleled suite of features aimed at boosting player engagement and loyalty. By combining premium iGaming content with robust retention mechanics, operators are now empowered to create a more dynamic and rewarding environment for their players. This move could set new benchmarks in the competitive landscape of online gaming, where seamless and engaging player experiences are paramount.

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As the integration rolls out across multiple markets, both companies are optimistic that the fusion of cutting-edge retention tools with comprehensive content aggregation will drive operational efficiencies and catalyze a new era of innovation and customer satisfaction in the online casino sector.

Javier Sacristán, International Business Director at R. Franco Digital, said: “We are excited to join forces with SYNOT Games. Integrating their advanced retention tools with our aggregation platform sets a new standard in player engagement. Our clients will benefit from a superior, integrated solution that drives growth and loyalty in our key markets. This partnership amplifies our presence in vital markets and elevates the overall player experience through our integrated retention solutions”

Kristína Ďaďová, Sales Manager at SYNOT Games, said: “By launching new integration with R. Franco Digital, we empower our partners with a seamless platform that enhances player engagement and retention, ensuring that operators across Spain, Portugal, Mexico, and Colombia can offer an unmatched gaming experience.”

The post SYNOT Games and R. Franco Digital Announce Strategic Partnership to Improve Casino Engagement appeared first on European Gaming Industry News.

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