Verification of identity in online games is a growing concern for various game providers to prevent fraud risks by verifying the age and identity of users.
One of the most regulated gaming industries keeps on changing and adapting new ways that maximize the user experience. Gamers have taken their bets to digital platforms rather than physical tables. However, advancements are nothing new to the gaming industry. Users experience a wide variety of gaming platforms that provide a customized experience. This in return generates a lot of money for gamers by remaining competitive.
For this reason, it's not hard to notice that verification of identity in online games is central to onboard trusted users, payment verification, and network security for meeting regulatory compliance. This is the reason that stakeholders have to successfully integrate new technologies to generate efficiency in digital identification.
According to Secure key, “the global revenue for gaming providers has exceeded CAD 1.3 billion in 2019 and could grow even further to CAD 2.36 billion by 2022”.
Implementing a good identity verification method would take bad apples out of the system. Moreover, it would also enhance the privacy of users on gaming platforms. So now, more than ever It's important to know what’s next in the gaming industry and how gaming companies could capitalize on it.
Gaming companies have to face few challenges, as they started moving to new online platforms. Nowadays most games have to comply with strict regulations from both government organizations and private entities.
In a rapidly evolving digital landscape, regulators and industries have to keep up with the pace to ensure security and data protection. Therefore it's becoming even more important for regulators and industries to work together, to ensure the security and privacy of online gamers.
Scams in online gambling services have experienced a lot of frauds that usually occur while users signup. Fraudsters create synthetic identities that are prepared by using multiple real and fake information. Criminals create this identity type to take signup bonuses in which multiple identities are created to drive up jackpots or chip dumping. Certain identity verification service providers could prevent users from creating synthetic identities to take advantage of the gaming platform.
Moreover, online gaming platforms are also posed with a risk of account takeover fraud, when a fraudster takes over the account that belongs to someone else. Due to high data breaches in recent years has increased attempts of account takeover. However, account takeover can be prevented by implementing robust digital identity verification procedures to avoid the risk of losing money and data. It would offer both service providers and customers security and privacy against criminals.
Providers of digital gaming should conduct verification of user's age, identity, location, and payment before bringing them onboard. It would also keep these gaming companies in compliance with the regulations of their respective country. In this part of the verification process, users upload their documents and third-party solution providers authenticate these documents against AI-powered solutions. This process is followed by both government and private entities by working along-side a third-party solution provider.
Moreover, users should upload relevant documents, such as driver's license, bank statements, utility bills, etc that are scanned by the system. The system scans these documents to recognize any forgery, thickness, or tampering. Therefore in the absence of an automatic system, the identity verification process could result in a massive loss of money due to fraud risk. This way, organizations could substantially eliminate any errors or risk the breach of sensitive information.
Across the globe, countries have determined their regulations for the gaming industry that call for verification of user’s age, residency, identity, among other things gaming providers can take advantage of the modern digital infrastructure by transitioning from manual verification to automated verification. Furthermore, gaming providers should also adhere to the privacy laws and prevent any abuse of customer’s sensitive information.
By implementing robust identity verification methods, users can be protected from online casino scams. Although by ensuring to comply with KYC/AML regulations, the game providers can know their customers even better.
As people are getting more engaged over different gaming platforms, organizations need to integrate a robust digital identity infrastructure. This would be quite helpful to keep up with the demand of the online gambling and gaming industry. Simultaneously, game providers should build strong defenses to prevent any malicious attempts, such as synthetic identity fraud or account takeover. Therefore, verification of identity in online games is not only necessary but game providers must create a seamless experience for their customers.
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