A significant rise in the online gaming industry has been observed over the past few years. A report states that approximately $347 billion in revenue was generated from online gaming platforms. The digitization has led players to engage in real-time gaming with multiple other gamers on a single platform. These gaming platforms involve the usage of real monetary transactions for buying and selling in-game products. Multi-player gaming allows imposters to access these platforms and gather the personal information of gamers, which can later be used to breach their data. Gaming operators need some strong online identity verifiers to protect legal gamers from credit fraud and illegal access.
Significance of Online Identity Verifiers in the Gaming Sector
Online identity verifiers are digital verification tools that allow companies to protect the customer’s data from illicit activities. These verifiers are essential for securing online gamers from online scams and unauthorized access. The online gaming industry is becoming increasingly addictive for individuals, especially children, which causes them to make significant amounts of illicit monetary transactions on gaming accounts, benefiting the scammers.
Gaming operators need to incorporate online identity verifiers to protect players from engaging in unauthorized transactions and secure their personal information from external threats. Online ID verification allows operators to limit the access of illegal entities from entering gaming platforms by performing extensive risk profile analysis. This ID verification process can verify the player’s age which can reduce the risks associated with underage individuals and prevent the threats of money laundering by complying with proper KYC regulations.
How Does Digital Fraud Harm the Online Gaming Sector?
Online gaming fraud is a very sensitive industry, making players vulnerable to online scams. Multiple players can be connected at a time and share their personal credit card information for gaming transactions. Online scammers regularly develop advanced methods to exploit player’s profiles, negatively impacting their online gaming experience.
- Account Takeover Fraud: Account takeover fraud is widespread in the gaming sector. Imposters use advanced methods to access the player’s gaming account information, and they can also block legitimate players from their own accounts while making illicit in-game monetary transactions. Imposters can also sell these gaming accounts on the dark web for their personal gain.
- Fake Virtual Item Fraud: Scammers often manipulate gamers by allowing them to sell a non-existent virtual item for money. They collect money from legitimate players and block them without giving them the virtual item.
- Fake Gaming Accounts: Imposters create fake gaming accounts and use advanced methods to improve their probability of winning games. They can also manipulate users into making illegal transactions.
- Chargebacks: Chargebacks occur when players make monetary in-game purchases but later claim to the gaming operators that the transaction was illegal and that they hadn’t received any virtual item. This causes gaming operators to face significant monetary losses, harming their trust and revenues.
Why is KYC Compliance Necessary for Online Gaming?
Online gaming operators should comply with the KYC regulations to protect their services from the harm of fraudulent activities. Compliance with these regulations ensures that the gaming platforms are secured from unauthorized entities, reducing the threats of money laundering and dealing with malicious account takeover crimes. KYC rules prompt gaming operators to ensure that they perform a thorough customer due diligence process to identify the player’s risk profiles and make the gaming transactions legitimate and transparent. Gaming operators must conduct extensive ID verification online to ensure no underage player is accessing the services. The online ID verification services ensure that the operators strictly comply with the KYC rules, which helps them provide a secure gaming experience.
How do Online Identity Verifiers Mitigate the Risk of Gaming Fraud?
Online gaming operators should incorporat tools to combat the risk of gaming fraud and streamline the player’s experience. The player’s identities can be authorized by biometric recognition facilities because these solutions are much more advanced and provide accurate findings. The gaming sector can verify the player’s identity through facial recognition and liveness detection, where players can connect with the examiners who test their presence using digital methods. Examiners ask the players to perform specific active and passive actions that prove their legitimacy. Gaming operators can also perform identity verification through voice recognition and fingerprint scanning. These solutions reduce the risks of phishing attacks, protecting gamers and operators from unauthorized access and transactions. Online identity verification services enhance gaming platform security features, making them trustable for gamers.
Summing It Up
Online identity verifiers can streamline the operations of digital gaming platforms. The ID verification process protects gaming operators and players from unauthorized transactions and threats. Gaming operators can prevent account takeover threats and phishing attacks, making them a secure place for gamers to experience enhanced gaming services. The gaming sector can incorporate biometric verification services that authenticate the players and ensure that legitimate users undertake all the activities. This enhances the player’s overall trust and reliance on the gaming platforms.
