The AI-driven KYC verification services to reduce fraud in online gaming enables creator studios and different platforms to authenticate the identity of the players, make sure that their credentials are genuine to analyze and manage the degree of risk involved.
To reduce fraud in online gaming, underage souls accessing the games and gambling platforms, ID theft of players, for fighting against false chargebacks, financial crimes, and other things, automated solutions are the prime choice with no substitute. Know your player verification helps in legitimate and eligible customer onboarding and makes the gaming platform GDPR and PCI compliant.
Importance of Age and Identity Verification Solutions for Online Gaming
Online verification systems reduce fraud in online gaming and are essential for gaming creators and companies as they are responsible for minor protection, the games containing age-restricted graphics and violence impact the teenagers in a negative manner.
To protect the data of players and avoid chances of payment frauds as well, gaming platforms must comply with regulatory legislation that emphasizes standard KYC/AML verification. To reduce fraud in online gaming and gambling, KYC services providers supplements concerned platforms with:
- Identity Authentication
- Age Verification
- Authorized control over payments
- Limit of spending
What are Online Gaming Frauds?
With smart technologies being common every day, potential cybercriminals and hackers get quite efficient in their game. Often, the identities of legitimate players are hacked and sold to the highest bidders who might be financially equipped but not eligible for access or those who wish to commit financial crimes. In order to reduce fraud in online gaming, ID and biometric verification are performed.
The solutions authenticate the identity of a player in seconds with precision by following this simple brief process.
- At the time of player verification to reduce fraud in online gaming, the person has to upload his/her identity records that can be a driving license or government-issued national ID, or any other ID credential confirming his/her originality
- Prior to sign-up, other than ID documentation, the player also uploads the latest selfie of him/her for facial verification in order to confirm the eligibility for access and reduce fraud in online gaming
- The AI-driven verification solutions capture and scan the essential information, authenticate its credibility by cross-checking presented information with data hardcoded in confidential regulatory digitized data warehouses to reduce fraud in online gaming
Biometric Recognition for Players
The facial biometric scan is also run on the player to ensure his ID and age. The solution at the time of document authentication recognizes facial elements and does reduce fraud in online gaming. Since due to a plethora of smart technologies, facial masks, and other tricks can be used by fraudsters. The verification solution ensures accuracy by depth analysis and detects the liveness of the player.
Other than the corporate and banking sector, to reduce fraud in online gaming the platforms are required to be cautious of customer onboarding because other than minor protection, they are also responsible for preventing money laundering and terrorist financing schemes. Professional fraudsters and scammers turn their illegal funds into white money for gaming and gambling platforms. They are the best place to do that due to high stakes being invested there all the time. Therefore in order to prevent such disasters, all online gaming platforms are bound to comply with POCA. To reduce fraud in online gaming, platforms also oblige networks like FAFT.
The online gaming industry is one of those that have endless competitors and a potential customer or player always trying out new different games. Unlike clothing and home appliances, a person does not stick to a particular game or platform for long.
Therefore, gaming platforms that keep the customer satisfied with effortless operations are a challenging task. To achieve that and reduce fraud in online gaming, IDV solutions streamline the onboarding procedure with maintaining KYC/AML standards to remain lawful and grow in the market.
The identity verification checks are not a one-time procedure. To prevent money laundering and reduce fraud in online gaming, solutions verify the identity of players on a consistent basis. The biometric recognition ensures that the player incorporated in the database of the platform is playing and purchasing premium services, in order to avoid fake chargebacks and ensure the safety of minors as well.
Limit on Spending
On the basis of Id verification results, according to the regulations of the platform, and to reduce fraud in online gaming, a limit is decided at the time of onboarding in gaming and gambling platforms that helps inconsistent monitoring of players.
To reduce fraud in online gaming platforms, AI-based solutions perform extensive ID verification and age verification checks to ensure that the prospective player is authentic and eligible for the particular game/platform. Most importantly, due to money laundering being at its peak, the gaming industry should be more cautious as scammers turn to them for cleaning their funds. The KYC services not only reduce fraud in online gaming but enable creators to provide their players with a smooth user experience.