ConnectPay Invests More To Combat Online Fraud

This year ConnectPay will invest an additional € 750,000 in compliance solutions for Anti Money Laundering (AML) and Counter-Financing of Terrorism.

The online banking service provider claims that transaction security must be a top priority for higher-risk sectors like online gambling, adding that financial fraud across all industries has exceeded $2.1 trillion annually – a number ConnectPay expects to grow as a result of COVID-19.

Liutauras Varanavičius, Head of Business Development at ConnectPay said: “The increased online gambling sessions correlate with the noticeable jump in payment transactions.

“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.”

ConnectPay continuously invested in innovative fraud prevention solutions, the latest AML safeguards and other intelligent tools to keep the ‘scammers’ at bay. Essential to the battle against fraud is to help businesses in underserved markets retain reputation and reduce the risks associated with the increasing use of online gaming.

Varanavičius is strongly persuaded that the rise in online gambling activity has increased the vulnerability of the public to digital threats, and is aware that operators face a challenging challenge in disassociating themselves from fraudsters and remain trustworthy while retaining their target market.

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.”

Varanavičius stressed the rigorous screening procedure of ConnectPay in approving the additional € 750,000 investment, which prohibits it from taking on clients engaged in unethical business practises.