The online gaming industry is going beyond the imaginations of people worldwide. Today, the games have won to capture the online digital market and customers. However, with rapid advancements in gaming technology, the way of playing and enjoying games has evolved a lot in the past decade. The online gaming industry has taken over the land-based gaming industry.
Despite the growth of online gaming, the industry is still facing a number of challenges, including identity theft protection on the top. This calls for a proper identity verification service. Almost every time the industry fails to combat identity fraud, verified identity not only gives peace of mind to the game owners but also prevents future phishing threats.
The Importance and Significance of Identity Verification
Keeping the phenomenon simple and straight, an online identity verification service helps game owners authenticate and validate customers’ identities and make sure that they are who they claim to be. The process takes place under the strong parameters of biometric identity verification services. These particular solutions always help several gaming operators very smoothly validate customers’ identities. To be more precise, it is crucial for companies in the online gaming industry to confirm that anyone attempting to register on their website is of legal age and is not a minor. These protocols enable the game to be left for all players in a secure and safe environment.
The technical flow of ID Verification before joining the industry
The most common ID documents that players are asked to upload are ID cards, driver’s licenses, passports, or residency permits. Third-party sources are used to confirm and further verify the information the customer has provided. To further ensure the highest level of security, companies occasionally check IP addresses or phone numbers. Most synthetic identity frauds are expected to be perpetrated via phishing. Very few people have security concerns when playing games online. This then calls for identity verification in an easy and approachable way. While signing up for a game, a customer is never allowed to further proceed without identity authentication. As a matter of fact, the more authentic documents customers provide, the less time it will take to validate their identity.
Types of Gaming Fraud That Allow Identity Theft
Players register using forged identification. By giving false information, phishers pose as authorized users.
Online gaming tournaments allow players to play against each other, but one user can take over the entire game by creating two or more fake accounts and player profiles.
Multiple fake identities
In order to take advantage of gaming promotions and giveaways more than the allotted number of times per legitimate user, players create multiple fake identities or real identities that have been stolen.
Players take advantage of the system by using gaming bots to speed up game progress or mine resources.
Risk of good users losing money as a result of bad actors illegally accessing their accounts.
Keeping Fraudsters Away to Prevent Sharp Practices
The secret to preventing gaming fraud is recognizing your top players and blocking or challenging the less-than-stellar ones. If a new gaming account, promotion, or payment suggests fraud, an AI-driven approach to identity verification can be accessed. The ability to block new account fraud, lessen promo abuse, and avoid chargebacks will enable game publishers to implement an ID verification solution that establishes identity trust for every interaction. Every form of fraud is distinct in many ways, just like the game on your platform. The ability to develop and train AI-integrated modules to recognize potentially fraudulent activity and flag it for review is a good thing.
Regulations in the Online Gaming Industry
Due to the rise in financial crimes, such as money laundering and terrorism financing, the online gaming industry is suffering greatly. Because of this, this industry is now subject to regulation as a never-ending wave of standards and safety precautions are planned to protect the gaming industry under the ID verification parameters.
It is in the best interests of the players to reduce the danger of financial crime in the digital gaming business. Criminal activity not only harms a company’s reputation but also reduces its annual income. However, developing technologies such as artificial intelligence (AI) incorporated with identity verification and anti-money laundering (AML) screening systems promise to detect identity theft, money laundering, and other illicit activity. By implementing an AI-driven identity verification service, online gaming companies may evaluate player use patterns, detect cheaters, and prevent bad actors from generating bogus identities for their unfair intentions. As a result, identity verification solutions are the only option to eliminate the possibility of cheating.