In the realm of casinos and gaming businesses, the battle against fraud has long been waged within the physical walls of establishments. From classic card-counting techniques to more sophisticated internal manipulations, the industry has continually adapted to safeguard against monetary losses. However, recent events have highlighted a new frontier in this ongoing struggle: cyber threats.
The high-profile cyber attack on MGM Resorts International, resulting in a significant data breach and financial repercussions, serves as a stark reminder of the evolving nature of threats faced by the gaming industry. As technology becomes increasingly integrated into operations, the risk landscape expands beyond traditional concerns to encompass digital vulnerabilities.
David Navarro, Nevada Regional President of Enterprise Bank & Trust, emphasizes the need for a proactive shift in mindset to address these emerging challenges. These fraudulent schemes come in many forms, from phishing scams to sophisticated invoice fraud.
Here are a couple of steps you can take to be sure your hospitality operations continue to run free of cybercriminals.
- Automating compliance checks and audit trails, ensures adherence to regulatory requirements and internal policies, reducing the risk of financial loss and reputational damage.
- Fortify your payment workflows by automating invoice processing, approval chains, and payment schedules by eliminating manual tasks and centralizing payment activities.
- Built-in encryption and authentication mechanisms safeguard every transaction.
BirchStreet Pay provides real-time insights into payment status, enabling finance teams to monitor transactions, detect anomalies, and take swift action against suspicious activity. With customizable reporting and analytics tools, businesses can uncover fraudulent patterns and strengthen their defenses against future attacks.
Also, by seamlessly integrating with existing ERP systems and procurement platforms, we ensure secure data exchange and prevent unauthorized access to sensitive information. With end-to-end encryption and multi-factor authentication, BirchStreet Pay provides peace of mind in an increasingly risky digital landscape.
Don’t wait until fraud strikes. Strengthen your defenses and stay one step ahead of fraudsters.