{"id":9445,"date":"2024-11-05T15:35:16","date_gmt":"2024-11-05T15:35:16","guid":{"rendered":"https:\/\/www.mundovideo.com.co\/en\/?post_type=asia&#038;p=9445"},"modified":"2024-11-05T15:35:17","modified_gmt":"2024-11-05T15:35:17","slug":"india-new-research-warns-that-indias-booming-online-gaming-sector-is-ill-equipped-to-prevent-fraud-and-money-laundering","status":"publish","type":"asia","link":"https:\/\/www.mundovideo.com.co\/en\/asia\/india-new-research-warns-that-indias-booming-online-gaming-sector-is-ill-equipped-to-prevent-fraud-and-money-laundering\/","title":{"rendered":"India- New research warns that India\u2019s booming online gaming sector is ill-equipped to prevent fraud and money laundering."},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">In a new report, \u201cCombating Money Laundering in the Online Gaming Ecosystem\u201d, the Digital India Foundation (DIF) warned against fraud, money laundering and terrorism financing in the country\u2019s online gaming industry.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.mundovideo.com.co\/assets\/international\/india-new-research-warns-that-india%E2%80%99s-booming-online-gaming-sector-is-ill-equipped-to-prevent-fraud-and-money-laundering2.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Legal real-money gaming, with an estimated daily player base of 90 million, grew 28% from 2020 to 2023, according to the report. It\u2019s on pace to generate $7.5 billion (\u00a35.8 billion\/\u20ac6.9 billion) by 2029. But <em>\u201cvulnerabilities within India\u2019s online gaming ecosystem\u2026 pose significant challenges to financial integrity.\u201d<\/em><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.mundovideo.com.co\/assets\/international\/india-new-research-warns-that-india%E2%80%99s-booming-online-gaming-sector-is-ill-equipped-to-prevent-fraud-and-money-laundering3.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The think tank called for \u201cenhanced oversight, stronger KYC practices and improved [anti-money laundering] systems by financial institutions.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Illegal operators use trickery to lure patrons<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.mundovideo.com.co\/assets\/international\/india-new-research-warns-that-india%E2%80%99s-booming-online-gaming-sector-is-ill-equipped-to-prevent-fraud-and-money-laundering4.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">DIF co-founder Arvind Gupta expressed special concern about the explosion of illegal online betting sites.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cDespite ongoing regulatory efforts,\u201d he said, according to the Hans India, \u201cmany platforms circumvent restrictions\u201d using VPNs, mirror sites, geo-blockers and other workarounds.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition, they trick unwitting players with \u201cillegal branding and disproportionate promises\u201d the report added. The use of cryptocurrencies or cash for payments facilitates money laundering, as virtual assets can make ill-gotten gains seem legitimate.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe enhanced ability to transfer and convert gaming assets into fiat currency or crypto-assets has resulted in a rise in money laundering and fraud,\u201d the report stated.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The DIF recommends:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; A dedicated task force to combat illegal igaming<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; A white list of approved operators, domestic and offshore<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; A commitment by the government to identify and block illegal operators<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; A public awareness campaign to warn players about potentially fraudulent operations<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><br>A threat to \u201cdigital nagriks\u201d<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.mundovideo.com.co\/assets\/international\/india-new-research-warns-that-india%E2%80%99s-booming-online-gaming-sector-is-ill-equipped-to-prevent-fraud-and-money-laundering5.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A July report from Rashtriya Raksha University echoed these warnings. The university\u2019s Security and Scientific Technical Research Association (SASTRA) also recommended whitelisting legitimate igaming platforms that comply with India law.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.mundovideo.com.co\/assets\/international\/india-new-research-warns-that-india%E2%80%99s-booming-online-gaming-sector-is-ill-equipped-to-prevent-fraud-and-money-laundering6.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Illegal sites expose internet users, known in India as \u201cdigital nagriks\u201d, to \u201ccybersecurity attacks and unsafe online environments\u201d, said SASTRA. <em>\u201cThey have emerged as a threat to India\u2019s national security\u2026 [acting] as channels for money laundering and terrorist financing.\u201d<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Illegal online betting generates an estimated $100 billion per year, far outstripping the legal take.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThese rogue players siphon money out of our economy, leaving a trail of financial instability, thereby fuelling criminal activity,\u201d SASTRA said, as reported by the New Delhi Business Standard.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The online gaming sector is vital to India\u2019s future and warrants additional safeguards, noted Gupta.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWith over 400 home-grown start-ups,\u201d he said, \u201cthe sector employs directly and indirectly approximately [100,000] individuals, with the potential to create 2.5 million jobs by 2025.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a new report, \u201cCombating Money Laundering in the Online Gaming Ecosystem\u201d, the Digital India Foundation (DIF) warned against fraud, money laundering and terrorism financing in the country\u2019s online gaming industry. Legal real-money gaming, with an estimated daily player base of 90 million, grew 28% from 2020 to 2023, according to the report. It\u2019s on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9446,"menu_order":150,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"inline_featured_image":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-9445","asia","type-asia","status-publish","format-standard","has-post-thumbnail","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>India- New research warns that India\u2019s booming online gaming sector is ill-equipped to prevent fraud and money laundering. - Mundo Video Entertainment | Casino News in Latin America and the World<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mundovideo.com.co\/en\/asia\/india-new-research-warns-that-indias-booming-online-gaming-sector-is-ill-equipped-to-prevent-fraud-and-money-laundering\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"India- New research warns that India\u2019s booming online gaming sector is ill-equipped to prevent fraud and money laundering. - Mundo Video Entertainment | Casino News in Latin America and the World\" \/>\n<meta property=\"og:description\" content=\"In a new report, \u201cCombating Money Laundering in the Online Gaming Ecosystem\u201d, the Digital India Foundation (DIF) warned against fraud, money laundering and terrorism financing in the country\u2019s online gaming industry. 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