SBC News SOFTSWISS saves partners €16m in fraud prevention activities

SOFTSWISS saves partners €16m in fraud prevention activities

SOFTSWISS’ Anti-Fraud team processed close to 62,000 requests in 2022, saving its operator partners close to €16m over the course of the year.

The number of requests processed is a 53% increase on the year previously. SOFTSWISS noted that in Q4 of 2022, the money saved “almost doubled against Q1 2022, showing impressive growth at 88%”.

Ilya Nesterau, Anti-Fraud Team Lead, said: “It has been an extremely positive year for the Anti-Fraud team in our fight against negative actors in the industry.

“Our team continues to expand at a rapid pace, with our headcount more than doubling in 2022, as we become an increasingly vital part of our infrastructure.

“In tandem with the Research and Development team, we do our best to develop new fraud-detection tools and become even more effective. From implementing neural networks to machine learning, we focus on being more proactive and forward-looking in our approach to work.”

Approximately 70% of the fraud requests related to bonus abuse concerns, with money laundering and payment system abuse accounting for 10% respectively.

Going forward, SOFTSWISS highlighted that it will be paying close attention to the use of cryptocurrencies. The solutions provider explained that due to the anonymous nature of cryptocurrency, it has “become an easy target for fraudsters”.

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