GeoComply releases an industry white paper titled “How to Mitigate The Risks of Going Cashless on Your Casino Floor.”
The momentum is building to allow mobile phones and digital wallets to create a cashless environment on your casino floor. It’s a great idea, but it is also risky.
Even though the mobile phone could be physically present on your casino floor, someone anywhere could control that mobile device. Why is that a risk? Because money laundering, account takeovers, OFAC transactions, or terrorist financing could happen through that third-party controlled mobile device with your casino. Federal law prohibits allowing any of these financial activities with your casino.
What are the ramifications of those illegal financial activities? Reputational damage and millions in fines could be levied against your casino.
How does a casino minimize and avoid these risks? You need the right technology and controls to detect and block these illegal financial activities attempting to access your cashless system.
This GeoComply white paper details the risks associated with going cashless on your casino floor and the technical components to minimize and avoid these risks. You will see how and why advanced geolocation technology is a key component in your cashless system, a requirement strongly recommended by the Department of Treasury, which enforces these federal laws.
The role of advanced geolocation technology
GeoComply’s technology offers a robust defense against unauthorized access, location spoofing, and other forms of fraud, protecting your casino from hefty penalties and safeguarding its reputation.
Five ways GeoComply’s technology can ensure that your casino does not inadvertently violate Federal law.
- Identifying and blocking users in high-risk or sanctioned jurisdictions
- Identifying and preventing location spoofing through VPNs, proxies, and fraudulent IP addresses
- Verifying location for reporting suspicious activities
- Ensuring cashless transactions are conducted within compliant and monitored environments
- Identifying new devices attempting access or account takeovers
The bottom line
GeoComply’s advanced geolocation technology is not just a tool for ensuring regulatory compliance; it’s a strategic asset for casinos aiming to navigate the risk complexities of going cashless. With over 10 billion transactions processed annually and installed on over 400 million devices worldwide, GeoComply stands at the forefront of detecting and blocking mobile digital fraud for casinos going cashless.
In a world where digital innovation continues to reshape the gaming industry, GeoComply’s advanced geolocation technology ensures that casinos can thrive in a digital age without compromising on legal obligations or customer trust.
Learn how your business can harness advanced geolocation to ensure compliance for cashless & digital wallets
