Industry News
ConnectPay Launches Payment Verification App as Response to Pandemic-Related Privacy Concerns
In order to strengthen privacy safeguards, ConnectPay has released a payment verification app as a direct response to COVID-related confidentiality concerns. The app will eliminate the risk of data breach due to third party system flaws and lay a robust foundation for developing more in-depth features later on.
The pandemic has raised the alarm about a potential privacy crisis, affecting a range of industries. To tackle risks of confidentiality during the coronavirus outbreak, ConnectPay, an online banking service provider, has released a new mobile application to help ensure payment security and prevent data breach during the vulnerable market conditions.
In an effort to combat the pandemic, some countries have introduced contact-tracing applications, which require sharing personal data with a variety of third parties. This has sparked a discussion about whether access to personal data could be abused. Such threats on the privacy front typically force consumers to reevaluate the services they use and become more aware about the information they choose to share: for example, the Cambridge Analytica case, which involved a major Facebook user data leak, changed the way people communicate on social media, as their posts became significantly less personal. Now, there is a new privacy threat on the horizon, and this time it may lead to a substantial profit and customer loss, as people, once again seeking to protect their personal data, may start ignoring certain services or businesses all together.
There has always been a certain level of skepticism when it came to reliability of third party apps; yet the current situation has only exacerbated the long-standing question, debating the capability of outsourced vendors to handle massive amounts of sensitive data and ensure its safety. Therefore, getting rid of third party authorization while enhancing payment security was the main motivator behind the ConnectPay App launch. In order to better protect client data, TransUnion (formerly Iovation) provided ConnectPay with critical authentication components for a comprehensive fraud prevention framework development to be moved in-house.
âHaving a third party to authorize payments may lead to a bunch of risks that arenât always accounted for. This is one of the main reasons we decided to develop our own payment verification solution,â said Marius Galdikas, CTO at ConnectPay. âBy moving the matter in-house, we can closely monitor transaction security, eliminate the risk of data breach due to third party system flaws, and assure our clients, as well as their customers, that, if any problems arise, they will be handled in a timely fashion.â
Currently, the application offers multi-factor authentication to verify payment transactions, however, Galdikas notes, the current version of the app is only at the beginning of its roadmap. The company aims to make all digital banking services available at their clientsâ fingertips, as more features will be rolled out in the foreseeable future. The end-goal is to create an all-round mobile solution for all digital banking and payment transaction related services, which is fully independent from third party vendors.
âThis is a continuation of the new ecosystem development: the absence of the middleman will increase payment transparency and better protect sensitive information from external threats,â explained M. Galdikas. âMany organizations, even with robust security systems, have fallen victim to privacy breaches due to susceptibility of third parties they are affiliated with.â
âThatâs why shifting focus to developing an in-house product enables us to bring more technologically sophisticated and secure solutions for the industry,â continued M. Galdikas. âAdditionally, this will enable us to reallocate time and other resources to R&D, and, in turn, provide the market with more solutions that could benefit their business and increase profitability.â
ConnectPay continuously invests in innovative ways to limit financial fraud, and is planning to invest additional 750 thousand euros in Anti Money Laundering and Counter-Financing of Terrorism compliance solutions throughout the current year. In addition, the company restricts the grounds for illicit financial activity, as any unethical business practices are eliminated during a thorough client screening process.
Industry News
Dutch Mental Health Care Calls for Total Ban on Online Gambling Advertising
The Dutch mental health service is calling for a total ban on online gambling advertisements in the Netherlands.
Although a ban on untargeted gambling advertisements and a ban on the use of role models has been in effect since 2023, a recent research by KRO-NCRVâs Pointer shows that (illegal) gambling companies and sports tipster platforms are still enticing young people via social media such as TikTok and Snapchat.
By using influencers and terms like âfree moneyâ, they try to attract a young audience and thus lower the threshold to start gambling. This concerns both legal online casinos and online casinos that do not have a license in the Netherlands. The Gaming Authority has started an investigation based on Pointerâs findings.
Pointerâs research shows that part of the gambling industry deliberately targets young people who are often susceptible to promises such as âfast moneyâ and the influence of role models. Ruth Peetoom, chair of the Dutch mental health service, compares this approach to that of the tobacco industry, where similar marketing strategies were used to get young people to smoke.
Despite the existing advertising ban, gambling companies continue to explore the boundaries of the law, according to Peetoom. The Dutch mental health and addiction care associations in the Netherlands therefore push for a total ban on online gambling advertising and stricter rules for the duty of care of gambling providers.
With the call for a total ban, the Dutch mental health care sector hopes to prevent further normalisation of gambling behaviour among young people and to protect them from the temptation and consequences of online gambling.
Compliance Updates
UKGC: Market impact data on gambling behaviour – operator data to Oct 2024
The Gambling Commission has published further data on the gambling industry in Great Britain.
This data, sourced from operators, reflects the period between March 2020 and September 2024, inclusive, and covers online and in-person gambling covering Licensed Betting Operators (LBOs) found on Britainâs high streets.
Comparison should not be made with the industry statistics dataset, as this dataset may include free bets and bonuses and does not include data from all operators.
This release compares Quarter 2 (Q2) of financial year 2024 to 2025, with Q2 of 2023 to 2024, looking at how the market has changed in comparative periods over a year.
The latest operator data shows:
- online total Gross Gambling Yield (GGY) in Q2 (July to September) was ÂŁ1.32 billion, an increase of 11 percent from Q2 the previous year. The overall number of total bets and/or spins increased 12 percent Year-on-Year (YoY), reaching a new peak for the third consecutive quarter of 25.2 billion, whilst the average monthly active accounts2 in the quarter increased 8 percent
- real event betting GGY increased by 6 percent YoY to ÂŁ453 million. The number of bets decreased 10 percent, while the average monthly active accounts in Q2 increased 9 percent
- slots GGY increased 16 percent to ÂŁ680 million YoY. The number of spins increased 13 percent to 23.3 billion while the average monthly active accounts in Q2 increased 16 percent to 4.4 million per month. Although this is a new peak for GGY in this dataset for the slots vertical, it should be noted that one operator has re-classified some of its products into the slot vertical this quarter, which has had an impact on the vertical data
- the number of online slots sessions lasting longer than an hour increased by 9 percent YoY to 10 million. The average session length remained at 17 minutes. Approximately 6.1 percent of all sessions lasted more than one hour compared to 6.6 percent in Q2 the previous year. The number of spins per session has fallen from 147 to 142 YOY, whilst the GGY per session has fallen from ÂŁ4.20 to ÂŁ4.13 in the equivalent timeframe
- LBO GGY decreased by 1 percent to ÂŁ533 million in Q2 2024 to 2025, compared to the same quarter last year, while the number of total bets and spins decreased by 0.1 percent to 3.1 billion.
Industry News
Petra Maria Poola Joins Xace as Group Commercial Director
Xace has announced that Petra Maria Poola has joined the company as Group Commercial Director.
Petra brings a wealth of experience from the iGaming industry having formerly held roles at several iGaming companies such as Yolo, Relax Gaming and SiGMA. She will lead the commercial growth of Xace and its group companies, including crypto and iGaming focused xda.io, helping to drive strategic initiatives across banking, fintech and iGaming solutions.
In her new role, she will mainly oversee the growth of the groupâs sales, marketing and account management functions, ensuring a cohesive strategy that supports Xaceâs ambitious expansion plans.
âI am incredibly excited to start this new chapter with Xace, and work alongside such a talented team and management. Transitioning into the fintech space, while still connected to iGaming, presents an exciting opportunity for growth and learning. Iâm looking forward to applying my expertise to help Xace and its group companies achieve new heights commercially, while gaining deeper insights into the fast-evolving world of fintech,â said Petra Maria Poola.
Reuben Abel, CEO of Xace, said: âPetraâs extensive background in the iGaming sector, combined with her commercial acumen, makes her a valuable addition to the Xace team. She will play a crucial role in expanding Xaceâs market presence and enhancing its suite of services tailored to the specific needs of the iGaming and fintech industries.â
-
Asia6 days ago
NODWIN Gaming partners with Japanese gaming company KONAMI for âeFootball Diwali Showdownâ
-
Asia7 days ago
Red Bull M.E.O. returns in 2024 to India: BGMI qualifiers lead to thrilling LAN National Finals in Chennai
-
Asia7 days ago
GG.BET is inviting BLAST Premier: World Final attendees to the GG.BOOTH to take part in some fun activities
-
Australia7 days ago
ALLIANCE PARTNERS TABCORP AND 1/ST CONTENT COMPLETE DEAL WITH THE JOCKEY CLUB OF TURKIYE TO DELIVER TURKISH RACING TO AUSTRALIA VIA SKY RACING
-
Compliance Updates7 days ago
BOS on Sweden’s signing of the Macolin Convention: Welcome, but unreasonable to only include state gambling companies in the work against match-fixing
-
Australia6 days ago
Australiaâs BetStop Receives International Regulatory Award
-
Industry News7 days ago
Brazilian Ministry of Finance and IBIA sign sports betting integrity agreement
-
Latest News6 days ago
BETBY WELCOMES MAGNUS CARLSEN AS GLOBAL BRAND AMBASSADOR