Know Your Player: Helping the Gaming Industry Fight Financial Fraud

Different people have different perspectives on what internet gaming is. Children regard them as a source of fun, whilst adults see them as a break from their mundane workdays. However, criminals regard e-gaming as a promising approach for money laundering and other unscrupulous business operations. The reliable Know Your Player (KYP) solution helps online gaming and casino firms to give a better customer experience to their real customers.

 

Customers crave comfort and convenience after a long day at work or on the weekends. They want automated services that provide them with greater data protection. Instant gaming verification is the best option in this case. Gaming firms use Know Your Player to rapidly and efficiently assess client IDs so that they can play their favorite games. 

Know Your Player – A Short Overview

In 2021, the global e-gaming market was estimated to be worth $59 billion. The gaming sector is expected to have a market value of more than  $92.9 billion by 2023. The level of risk throughout the game is proportional to the increase in global market share. Online service providers that are worried should use the Know Your Player approach to safeguard themselves from digital scams. All that any entity could possibly need to learn about your player is a global automated system with full access to client data.

 

The multilingual online system quickly understands the importance of authentication compliance for both global and local defense. Furthermore, it is a demand of young people, who are highly susceptible to playing online betting and games.

CDD’s Effect on the Gaming Industry

The number of people traveling for gambling activities has decreased significantly after Covid-19. It’s not just the casinos that have suffered greatly during the broader crisis. Due to the pandemic, more players started visiting online gaming and gambling websites, which made gaming checks necessary. A gaming fraud verification method is critical for online gambling firms. Global automated solutions for client identification benefit every stakeholder in the gaming industry.

 

It is common that online gaming and news media have a large influence on the overall underage audience. Know Your Player considers all of these factors and provides a robust gamers identity verification system. KYP is a service that aims to protect kids from the dangers of playing video games online. Limiting early game releases before they had undergone enough development was never a good idea. Online gaming firms can ensure that future generations are protected from the dangers of age-restricted virtual gaming. The gaming industry employs face recognition technology when playing games from various countries. It offers maximum authenticity during the KYP procedure when paired with ID document checking.

 

It is impossible to compare the effects of gambling websites and restricted gaming to those of alcohol or other comparable substances. As a result, gaming websites require checks that validate each entering participant. Know Your Player regulations make it simple to deal with any fraudulent activity on gaming and gambling websites.

Digital Gaming KYC

Criminals and terrorist networks have the ability to abuse any business, whether it is an investment or a freelancer website. Internet gaming and gambling sites are not an exception to the norm that everyone must be of legal drinking age to use these sites. Since money laundering is at an all-time high, online gaming platforms should verify players’ identities before they can gamble online. According to a report of the UK Gambling Commission, an average of 15 gambling businesses were required to pay a total of £32.1 million in fines for non-compliance. Additionally, agency’s compliance and regulation report, five operators’ licences were also suspended. Quickly limiting these numbers and discouraging customers from engaging in the deception game is possible with the AI-powered Know Your Player strategies. KYC laws must always be followed while verifying online gaming. 

 

Subpar AML and terrorist funding compliance techniques are not useful in the current context. Complete age verification in gaming uses AI-powered face scanning for genuine client acquisition in order to avoid fraudulent behaviors. It renders the online gaming operator immune to any kind of cyber fraud.

Conclusion

Operators must maintain their level of expertise as the global betting and gaming market grows. To do this, a company should implement an AI-powered Know Your Player approach. The AI-powered KYP solution delivers flawless real-time output. It not only increases security for the industry but also shields them from severe penalties. Furthermore, a strong KYP improves the user experience.

 

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