The international, members-only organization that reunites state-authorized lotteries, suppliers, and sportsbooks was “delighted” to welcome GeoComply to the family. The World Lottery Association’s (WLA) executive director Luca Esposito spoke about the geolocation and fraud prevention company’s capacity to help promote a more responsible gaming industry.
This includes enhanced consumer protection against identity theft and fraud prevention for lottery operators, which are two crucial elements needed in the context of the ongoing rise of online gaming.
GeoComply supplies a variety of markets with advanced geolocation anti-fraud solutions in numerous industries. The list includes cryptocurrency, financial services, entertainment, media, and, of course, the gaming industry. The latter category includes a number of prestigious WLA member lotteries as customers.
GeoComply’s chief executive officer and co-founder Anna Sainsbury spoke about their mission “to make the internet a safer place for everyone.” She also expressed their excitement to be able to show their support for the lottery sector, which is a sector that shares their own values and commitment to promoting “responsible gambling and good causes.”
WLA’s official mission is to advance the collective interests of all of its members while helping them grow via the provision of lottery and sports betting-related services. The organization plays the role of an open forum for all members, helping promote their interests and the critical role played by state lotteries in raising money for charities and good causes.
WLA is led by an executive committee made of 13 members. The list includes prestigious lottery chief executive officers from all parts of the world.
The company’s geolocation technology offers a 360-degree picture that helps protect against fake account registration, bonus or promotion abuse, stolen virtual identities, account takeovers, or money laundering, among others.
GeoComply’s tools work by flagging suspicious users and devices using hundreds of device integrity, location data, and identity fraud checks performed on geolocation transactions. They also rely on past and real-time analysis based on a dataset compiled of over 10 billion transactions completed on a yearly basis.
With the help of Know Your Customer checks and advanced geolocation authentication, GeoComply’s users can effectively prevent losses triggered by fraud whenever a risk is identified.
GeoComply’s award-winning products rely on technologies created for complex and highly regulated sports betting and online gaming markets in the US.
GeoComply also offers geolocation fraud detection services for online streamers, online banking, and payments. Some of their most prestigious customers are FanDuel, Amazon Prime Video, BBC, and DraftKings.
At the end of January, GeoComply secured minority investments from Norwest Venture Partners and Arctos Sports Partners. The investments will be used to support their ongoing development in core markets while expanding into financial services and media rights management.