50-word entry description
GeoComply is a global leader in geolocation and anti-fraud solutions. As the iGaming industry’s trusted solution for location compliance, accuracy, and reliability, its proprietary and highly adaptive technology has successfully met and exceeded all the challenges put forth by regulators, while reducing costs for iGaming operators.
250-word synopsis in bullet form summarising the key points
GeoComply is a global leader in geolocation technology. Since its inception in 2011, GeoComply has quickly become the iGaming industry’s trusted solution for location compliance, accuracy, and reliability. Its proprietary and highly adaptive technology has successfully met and exceeded all the challenges put forth by customers and regulators with record-high pass rates, and enabled US iGaming achieve the near-impossible with intra-state geolocation. Its innovative solutions to automate geolocation and fraud protections enforce regulatory requirements for internet gaming and protect states’ rights under UIGEA.
GeoComply’s solutions assist in reducing operational costs for iGaming operators in the following ways:
- Automated chargeback reports and additional assistance for more complex disputes.
- Automatic detection and blocking of fraudulent users for a proactive approach to fraud.
- A dedicated team of anti-fraud engineers to detect and prevent nefarious activity, relieving operators of the laborious process to manually analyse data and risk fraudulent behaviour continue undetected.
- Advanced detection of fraud unique to the gaming industry, with the lowest rate of false positives available.
A typed statement of no more than 1,000 words addressing the Question and Answer format below
A) Why is your company entering this award category?
B) What has the individual or company nominated done to qualify for this award?
C) What benefits to your company and its customers can be illustrated as a result?
D) What measurements of success best illustrate why your company/this individual should win this award?
GeoComply is entering this award category due to its innovative solutions to automate geolocation and fraud protection in order to reduce costs while enforcing regulatory requirements for internet gaming and protect states’ rights under UIGEA.
Since its inception in 2011, GeoComply has quickly become the iGaming industry’s trusted solution for location compliance, accuracy, and reliability. Its proprietary and highly adaptive technology has successfully met and exceeded all the challenges put forth by customers and regulators with record-high pass rates, and enabled US iGaming achieve the near-impossible with intra-state geolocation. Since the market launch of US iGaming in 2013, GeoComply has proudly been leading the industry with its award-winning geolocation compliance solutions.
GeoComply was a major player in both the December 2015 RAWA hearing, as well as the industry’s overall fight against the RAWA bill throughout 2016. GeoComply’s solution was featured in the hearing as an essential compliance product to the US iGaming industry; used to successfully uphold federal and state regulations, including UIGEA. Its core abilities were presented in a demonstration video during the hearing by Congresspeople from California, New Jersey, and Georgia who attested to its pivotal role in iGaming regulation. This presentation, among other testimony during the hearing, essentially shut down and ended the industry’s RAWA dispute.
While iGaming in the U.S. has not expanded to the extent the industry hoped it would have by this point, there is much work to be done in order to refine the products and services both to prepare for expansion, when that time comes, as well as to stay on top of market trends. In the past year, GeoComply has been focused on evolving its automated services to accomplish both reduced costs for operators, as well as staying ahead of protections required to address new fraud threats.
Real-time detection of fraud and location spoofing is critical in order to uphold states’ rights under UIGEA. GeoComply’s processes ensure that regulatory requirements are enforced by automatically blocking users running banned programs or configurations that could be used to spoof their location. In order to put these protections into place, operators need only to incorporate GeoComply into their gaming platform. Recognized for ease of integration, GeoComply avoids unnecessary development costs that could be caused by cumbersome integration processes and timelines.
In addition to the efficiencies gained from real-time fraud thwarting, GeoComply’s team of 40+ anti-fraud engineers scour reports designed to flush out more complex types of fraud that cannot be detected from a single transaction. The outcome of this analysis is provided to operators to determine how to handle the player going forward. This reporting allows fraud such as collusion and identity theft to be detected as early as possible, while allowing the operators to focus on their daily operational needs, stepping in only when approvals to block users are necessary. In some cases, operators prefer a completely automated solution, in which case GeoComply automatically blocks users at various levels depending on the type of activity detected. Some requiring only a temporary block for a “cooling off” period. Others warrant a permanent block by a device, user ID, or even Wi-Fi access point in more severe cases.
Chargebacks can be a laborious and costly process for operators to deal with. However, not addressing fraudulent chargebacks puts the entire industry at risk with credit processors. GeoComply’s automated chargeback reports provide all of the necessary data to operators to fight chargebacks. Fraud investigators are able to enter the unique user ID, timeframe for the disputed transactions, cardholder’s address, and any other available information such as the transaction amount, and the report is generated automatically. For investigations that need additional analysis, GeoComply’s anti-fraud team is available to provide custom analysis and reporting.
It is this type of undisputable service that our customers have come to rely on in order to reduce costs.
Card-not-present fraud loss is expected to reach $7.2 billion by 2020.
The manual review of fraud alone is estimated to cost $378,000 for a small merchant, and roughly $825,000 for a medium-size merchant annually. High fraud costs, combined with dedicating staff to manage the process to investigate claims can cause an organization to get stuck looking backwards; inhibiting growth and innovation. Finding the right partners that limit fraud without limiting sales is tantamount to success.
GeoComply’s bespoke approach to fraud has been developed from GeoComply’s experience processing hundreds of millions of transactions and identifying patterns characteristic of fraudulent behaviour. The result? A more accurate determination of truly fraudulent activity without running the risk of blocking innocent users.
While we at GeoComply are proud of the role we play to keep consumers safe and reduce costs for credit issuers and processors, don’t take our word for it. Below are just a few testimonials we have received from our valued partners in the industry.
“GeoComply were able to cut our payment fraud by at least 85%. Their solution gave us access to more detail and data than we had ever had before for our eCommerce transactions. Their anti-fraud reports were literally good enough to take to the bank in order to win our chargeback disputes!”
Omer Sattar, Senior VP, Sightline Payments
“Delivering a geolocation solution which is not just compliant, but also built and optimized with the [user] experience in mind is a critical success factor for [doing business] in North America and GeoComply have always demonstrated to us that they understand that and can deliver on that under tight deadlines and across all platforms.”
Marco Ceccarelli, SVP & Chief Information Officer, Caesars Interactive
“Working with GeoComply has been central to DraftKings’ mission to achieve the highest standards of compliance and consumer protection. The GeoComply team has proven themselves head and shoulders above the rest in helping us identify location circumvention across all our platforms and markets. We look forward to expanding our partnership as our business expands further.”
Zak Cutler – Product Manager DraftKings Inc.