Online gaming has become a hype in the internet world, and gamers are increasingly getting involved in competitions to create a rapport with a professional in the gaming world. The skill-based gaming genre has seen a significant advancement over the years, and prominent gaming development companies are providing engaging titles where a gamer can earn dollars via prize money and several other sources. As per the recent Newzoo reports, eSports have seen an audience growth of around 465.1 million in 2021, and it is estimated that the industry will continue to prosper with a whopping growth rate of 7.8% per year till 2024.
The pandemic has spiked up the popularity of the online gaming industry, but like any other industry, this one could also not ignore the gloom caused by increased fraudulent activities. We had an opportunity to discuss the matter with Raghib Khan, the Director of Phonato Studios, which has recently witnessed 10+ million downloads. Adding to the issue, Raghib stated that in-game purchases are now an intricate part of the gaming world, and it has become the next most common thing over the past decades. But this increase has allowed cybercriminals to make a quick buck by victimizing gamers.
Such bad actors go to lengths and try new tricks time and again to rob gamers of their hard-earned money which makes it an important topic to discuss. Let’s dive in for a more elaborate explanation of account takeovers and how they impact the gaming world– the users and the developers, to be precise!
How ATOs Work, And Why Is It a Big Deal?
Here’s the trick you must know about: When you unknowingly download a scam gaming site or an application, you are asked to provide your game ID. Once you provide the required information to these tricksters, they take over your account and flush out all your earned prize money, leaving you with nothing. Or let’s talk about even more dangerous activity committed by fraudsters after they have access to your account– they sell your account in exchange for money. Although the cases of fraudulent activities are more prevalent with popular games, the perpetrator is inclined toward gaining access to freebies and purchased goods.
The pressing question here is that it is only a game at the end of the day; why should it bother anyone? When we asked this question to the co-founder of RNF Technologies, Raghib Khan, he shared a few standard repercussions, other than having to start again from scratch, associated with ATO scams in the gaming arena:
Loss Of Real Money
79% of gaming development companies use in-app purchases as a means of monetization, suggests a study. And gamers are spending real money on in-app purchases to witness a premium gaming experience or to stay on the top of the leaderboard merely. As discussed earlier, the gaming population is on the rise, and users purchase more gaming smartphones than ever. Let’s say if only four out of 10 gamers make an in-purchase, it would mean millions of dollars are being invested in games making the industry a lucrative target of fraudsters. In such a scenario, an account takeover scam would mean a loss of actual money for the gamers and revenue for the developers.
Privacy & Data Intrusion
The scammer might even gain access to the Google or other OS account information and take control of the entire smartphone, including its data and other programs. The user will lose their private information, such as financial information, official documents, personal photographs, etc., which has a much more severe effect.
Triumph On Someone Else’s Success
True gamers work hard to progress levels and win titles, rewards, and awards to enter a prestigious tournament. Account takeovers can be a little distressing when you have reached the level you always wanted. However, the chances are meager that if a gamer would trade for a diamond at this level, you never know how the fraudsters might approach and manipulate you into their malicious intention.
Conclusion
Account takeover or ATO was a bold and rampant activity previously limited to eCommerce and OTT, but now it has found its way into the gaming world. The online gaming industry has become an easy playfield for scammers to manipulate users into their deceptive activities, which makes it even more crucial to adopt an anti-scam solution as suggested by Raghib Khan, an owner of a gaming app development company namely, Phonato Studios.
