Covery at the biggest SiGMA show yet: trends, problems, and more

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Covery at the biggest SiGMA show yet: trends, problems, and more

SiGMA – the most bustling and newsworthy event this year became the group’s biggest show yet with record attendance numbers – 15,000.
And that’s thrilling!

Previously, we have already visited SiGMA’18 and gathered the most trending insights into iGaming industry. 
Though, this time we got more than just attendance.

Covery team didn’t expect to see the Carnival of Brazil.
We mean, all those colorful and different stand designs.
Yeah guys, y’all who created and made it – you are impressive.

Stand designs at SiGMA’19

This mind-blowing exhibition lasted three, for real, astonishing days of presenting, networking, learning new things, sharing knowledge, visiting conferences and workshops, and just having fun.

  • We met all of you, people.
Covery stand at SiGMA’19
  • You won our presents.
Covery’s prize winner at SiGMA’19

Karol Stachowiak, Payments Product Manager at LuckyDino, won our grand prize! Lucky you are:)

  • You tasted our brand-new cocktail “Fraudster’s tears”.
“Fraudster’s tears” cocktail
  • We were eager to discover what marvelous Malta has to offer.
Malta view

Still, the queen of all the opportunities for us was networking.
Cause we like to gather industry trends from industry leaders 🙂

Here is what we found out.

The main issue that remains actual as of today is a manual KYC procedure. 

A major part of a global high- and low-risk industries (iGaming, betting, banks, PSPs, etc.) require passing KYC by their users to confirm they are AML compliant, and to prevent business from fraudsters.

At the very start, KYC procedure was manual, time-consuming, and always resulted in huge operational costs.
Today KYC procedure can no longer be manual.
But some of the companies still have it as a sore point.

Covery is here for changes and service.
We automate KYC&AML, thus we help businesses to comply with the latest AML regulations, save operational resources, and mitigate risks more efficiently.

As a part of AML flow, KYC procedure passed by users ensures their non-presence in PEPs lists.
Covery analyzes customer behavior during the whole customer journey and checks users through global watchlists on a daily basis.

The other upsetting thing we’ve noticed is that many players in fraud prevention and risk mitigation don’t make any progress in technologies and trail behind the market.
They remain with their old visions and products which, unfortunately, aren’t worth to be used in 2019.

At Covery we have a mission to face the future of fraud prevention technologies, make risk assessment discoveries, and not be standing still.
We use the hybrid approach by combining customizable rule engine with machine learning models in order to get even better outcomes in risk assessment.

Moreover, Covery analyzes the connections among locations, devices, identity, and behavioral patterns throughout the whole sales funnel steps that helps to stop fraud and unveil fraud patterns on each step of the user journey to prevent Chargebacks, Account takeovers, Bot attacks, Money laundering, Bonus abuse and other types of fraud.

In most cases, our customers reduce chargeback ratio by 62% and increase fraud declines by 79% after the implementation of our risk assessment approach.

To sum up,
at SiGMA’19 we met a lot of people from different industries and companies.
Some of them are start-ups, some of them are already known brands.
However, all of them are talking about the power of automatization, because automatization is the new black… just kidding, automatization simply helps to avoid busy idleness, waste of time and money.

That is why Covery drives automation innovations.

Hope to see y’all again next time!
Feel free to contact us

Covery team at SiGMA’19