In the modern era, where the competition is so high, know your business do not want to compromise security standards. Still, identity thefts are increasing and every year billions of identity thefts are committed by cybercriminals. Most of the ID frauds are liable to the healthcare industry and financial enterprises, but online gaming platforms are not protected from fraudsters. Although the online gaming industry is flourishing with every passing day and generates billions of dollars till yet. But e-gaming platforms do not incorporate standard identity verification solutions to avoid e-gaming frauds.
The online gaming industry is expected to reach more than $200 billion in revenue by 2023 due to the increase in audience. But the thing is that online financial frauds in the e-gaming industry are also increasing with every passing year. E-gaming platforms prove to be a helping hand for money launderers to conceal their money. On the other side, it is also one of the hot spots for fraudsters to commit ID thefts due to the involvement of minors in online video gaming platforms. There is a dire need for the e-gaming industry to adopt stringent identity verification services for online gaming to prevent ID frauds. Know your player compliance proves to be a helping hand for them to impede ID frauds.
How Know Your Player Facilitates E-gaming Platforms?
Nearly 60 % of players are from different countries of the world. It is the responsibility of gaming platforms to verify their players first before onboarding by following standard regulations and then permit the end-users to enter into the system. Know your player makes it easy for online gaming and gambling sites to confirm the identity of their end-users before giving them access to their services. Know your player helps to identify end-users in real-time to keep suspicious users at bay from them. Age verification helps to achieve KYP compliance. Let’s see how age verification solutions help to meet KYP standards.
As we know that children love to play online games. They use their parent’s IDs to log in to the system or play games as anonymous users by hiding their identities. Age verification is compulsory for online service providers to perform before onboarding their customers to avoid chargebacks and non-compliance penalties. It helps them to comply with security standards to prevent minors from accessing their services. In the online gaming and gambling industries, player identification helps them keep cybercriminals at bay.
A Bit About Player Identification
Player identification facilitates online gaming and gambling platforms to authenticate the identity of the players before opening an online gaming account to prevent money laundering and other crimes. Player identification is performed by confirming the identity of the user using various authenticity checks to ensure legitimacy. In this process, AML screening is also performed by matching the credentials of the players against global watchlists to check their previous financial records. Customer due diligence (CDD) and AML checks should be performed at the time of onboarding to prevent the entrance of suspicious users into the system.
How AML Checks are Performed?
Screening of end-users using AML background checks is a mandatory requirement for online businesses to meet AML/KYC compliance. AML screening is done by matching the customer’s data against the exclusion lists like government-issued data sources, criminal databases, global watchlists, sanctions, and PEP lists to confirm whether the person is involved in money laundering financial crimes. AML checks help in the online gaming identity verification process to combat gambling money laundering to gives the players a safe environment for entertainment.
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Wrapping It Up
Identity verification for online gaming is a must for e-gaming platforms to keep minors at bay from accessing their websites. Know your player proves to be a helping hand for online service providers to combat online frauds. KYP compliance assists online gaming and gambling sites to comply with the security standards to avoid non-compliance fines. It also helps them to improve their services by reducing financial crimes.