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CenturionID Lends Technology to Battle Bitcoin Fraud in the Gambling Market

Chris in Uncategorized published on 27, June 2014

Centurionid to Battle Bitcoin Fraud

Threats to online security have always been a concern for gambling operators, and cases of payment fraud continue to prevail despite efforts to completely eliminate them. However, CenturionID, a leading technology and cyber security consulting firm that entered the industry in January 2014 after four years of development, is changing this landscape.

I spoke with Jennifer Fader Scott of CenturionID, and this is what she had to say about their services and their integration with cryptocurrencies like Bitcoin, as well as their potential role in the Bitcoin gambling market.

What makes CenturionID stand out in the industry?

CenturionID makes the fastest decisions in the industry with our proprietary real-time database. Our risk scoring and analytics take place in milliseconds and draws from transactions taking place across our network, which features the largest CNP processors in the industry.

How exactly do your services benefit existing and potential clients?

Basically, we stop payment fraud by collecting real-time data of every consumer attempting to make a transaction. Then we reference the collected information back to our database and have it analyzed for multiple identifying factors. Once the auto agents are done reviewing the transaction, it either gets approved or denied, and in some cases held for an additional evaluation. While preventing fraud, we also increase the revenue of the companies and decrease their losses when dealing with credit card payments.

You mentioned credit card payments. Does your fraud tool and strategy also work for Bitcoin transactions?

We haven’t been asked by any of our clients regarding Bitcoin transactions. We do believe, though, that such payment method is generally secure, so it shouldn’t need our Defender platform, which is designed more for credit card payments. However, our product Centurion Login will suit Bitcoin transactions because it is lighter and can deal more directly with the bots that are prevalent in Bitcoin fraud. Through our product’s advanced velocity, device ID, and proxy piercing tools, Mt. Gox, for example, would have already detected the source of the transactions made by ill-motived players before the damage is even done.

If Centurion Login can prevent Bitcoin fraud, are there plans to expand your services to cater the digital currency gambling market?

We are working with one of the largest gaming incubators in Europe now, but venturing into the gambling sector for Bitcoin is definitely part of our plan. We want to focus on preventing Bitcoin fraud that takes place within Bitcoin gambling sites, which are greatly underserved and have an increased focus of attacks. We are also constantly developing new technologies to stay ahead at the speed of fraud, so we have some stealth projects launching very soon.

What are your thoughts on Bitcoin and alternative cryptocurrencies? Will it improve the way businesses are done or will it make transactions much safer?

We believe that cryptocurrencies are a great idea that will surely have a deep impact on the way everyone does business in the future. But we don’t want to ignore the possibilities of Bitcoin becoming vulnerable like when the encryption fails to work for instance. Also transactions may be traced and will eventually lead to accounts bearing usernames and passwords. This is what we aim to combat, and our technology has been developed and designed to be fit for the job.

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