Through the internet, the ways to connect with the digital world are opened. Unlike other businesses/industries with the boom of technology, the online gaming industry has become a piece of attraction among the gamer community. Online gaming industries accompany 2.8 billion customers who spend nearly $138 billion on games. But with digitization, there is a lack of online gaming safety and security. Thus, the online gaming industry is facing a large number of challenges, and like other digital businesses in the house of fraud. The online gaming industries have many loopholes through which the fraudsters tend to commit their activities. To reduce Fraud in online gaming, the online gaming industry is obliged to adopt technology-based solutions, Know your player is the one step forwards to make gaming platforms quite secure where player data secrecy is the top priority.
The Significance of Know Your Player
Most likely the imposters are attracted towards the online gaming platform to run their frauds. The involvement of the money transaction and poor player due diligence compliance gives space to imposter to make victims of their fraud. Such frauds include money laundering, terrorist origination fundings, player identity theft, and so on. The list never ends. Know your player process is the technology-based solution to verify the players’ real identities and deterring potential risk before players’ onboarding. Players’ identities are verified and authenticated by matching the information with the government-issued documents ( passports, id cards, voting cards, driving licenses). Furthermore, using AML screening the online gaming platform can identify the real face of players through background checks matching their data with the watchlist, global sanctions, PEP, etc. Just to be sure about the player. This way of player verification and monitoring of their activities will eventually lessen the rate of fraud.
Online gaming frauds
The increasing number of frauds and scams are alarming for online gaming businesses, Thus their reputation is at stake. Player identity theft is shortlisted as one of the most happening in the gaming world. The cyber attackers through various ways gain access to someone else’s identities to claim bonuses, topping up the accounts, fake betting, or even launders money. Such online frauds are impacting online businesses adversely. The players’ trust in the platform is decreasing and many of the players are not willing to do transactions and do not even sign on to such platforms. Common frauds are below
● Money laundering
Unlike other businesses, the online gaming business is also under the control of money launderers. Involvement of huge sums of cash in Gambling and betting games the imposters get enough space to hide their illegal money.
● Taking Over Accounts
The imposter usually takes over real players’ accounts and hides under them. After taking control over accounts the imposter attacks the real players and gives them spam offers to take advantage of them.
● Stolen Credit Cards And Chargeback Frauds
The fraudsters usually stole credit cards of legit people to top up their gaming account, gambling, betting, etc. such frauds are the most common in the digital gaming business. After such a suspicious transaction, the bank informs the credit holder which is aware. Thus banks have to reverse the transactions which result in financial loss of the gaming business.
Effectiveness of Know your player solution
The online gaming businesses are obliged to thoroughly verify the identity of the players before onboarding them as per regulations. With the use of the most enhanced KYP solution the business can make the player verification process more reliable and can prevent fraud. With this solution, the gaming businesses can protect the players’ data as per data protection protocols. Know your player verification process includes multiple features like age verification in gaming, facial verification, and AML screening. Through this, the businesses can become safe while not compromising on players’ experience. Know your plays also provide the age verification feature which effectively detects minors who tend to manipulate the system to get access to age-oriented games or gambling platforms.
The Online Gaming business is rapidly growing. Automated technology is beneficial for the gaming business in sustaining them while providing them a defensive line to deter the potential risk and gaming fraud while keeping the players’ information protected. To not let down the business reputation and to gain the trust business are obliged to apply compliance to reduce frauds in online gaming. Thus, know your player verification services is promising to provide the players the safest environment and to make business fraud-free.