Liron Warhaftig, Vice President of Payments, Risk, and Fraud Prevention at BetMGM, stated that instant payments and digital wallets remain the most "promising financial innovations" in the igaming sector.
Warhaftig gave an interview to a payments expert prior to the SBC Summit in Lisbon, which he will attend.
When asked about the developments the gambling industry should adopt from the financial sector, Warhaftig outlined the importance of advanced payment methods.
He said: "For the gambling experience, the most promising financial innovations are instant payments and digital wallets. These technologies offer faster, more secure transactions, thus significantly improving the overall user experience. Digital wallets like PayPal or Apple Pay provide quick and easy deposit options, greatly reducing transaction times."
He also emphasized that regulatory frameworks and KYC strategies must keep pace with technological advancements to avoid security vulnerabilities and regulatory breaches.
Warhaftig added: "For example, artificial intelligence and machine learning can enhance KYC processes by quickly detecting fraudulent activities and verifying identities in real-time."
"This proactive approach not only helps maintain regulatory compliance but also protects companies and their clients from potential threats."
In terms of technology adoption, he further mentioned that lessons could be learned from the financial sector, especially in the development of artificial intelligence and blockchain.
"By integrating similar technologies, gambling operators can enhance security measures and increase customer trust."
"For example, using artificial intelligence to monitor transactions in real-time can help quickly identify suspicious activities, thereby preventing fraud and ensuring a safer gaming environment."
"Artificial intelligence and machine learning are key innovations in gambling compliance. They can detect abnormal patterns and behaviors indicating fraud or money laundering faster than traditional methods."
"For example, these technologies can analyze large volumes of data in real-time, identifying potential risks before they escalate. Implementing these tools can streamline compliance processes, making them more efficient and effective."
The payments experts summit is part of the upcoming SBC Summit, taking place from September 25 to 26 at the Lisbon International Exhibition Center.
