Know Your Player – Identifying the Real Clients to Reduce Fraud in Online Gaming
Gaming is all about a community, ranging from a group of fraudsters to notable players. In recent times, the gaming industry has seen a rise in its numbers due to which it has become a prime target for fraudsters.
Consists of payment scams, illegal account takeovers, illicit anonymous acts, and a host of other nefarious activities are some of the techniques used by scammers in the gaming zone. Frauds can quickly tarnish a company’s reputation by initiating fake scandals which can prove to be financially fatal for them in the long run.
To reduce fraud in online gaming, market developers need to find adequate solutions to lift up the customer’s gaming experience by minimizing the chance of any potential risks of cybercrimes for them.
Pandemic Crisis – Escalating into the Online Social World
During the Covid-19 crisis in the world, people were isolated in their homes cutting off their physical communications utmost. This gave them to connect socially online through chatting sites and games.
While if one side it was a source of entertainment for them, then on the other side it was provoking criminalities in the virtual gaming zone. This has left the gaming developers to establish reliable security measures for dealing with the challenge of mitigating risks of fraud and protecting players from it.
With children getting addicted to the usage of the internet during the pandemic, minors are getting exposed to online casinos and gambling games at an alarming rate which has created a major concern for their parents to look through.
Linking with strangers online who pretend to be their friends hiding behind an anonymous profile is a critical way of scamming them into performing illegal chores.
Know Your Player – Ensuring Online Gaming Safety
For enforcing immense online safety measures, identity verification procedures must be implemented in the games. Know Your Player (KYP), is a considerate process of verifying the gamer’s identity to catch any fraudster activity before it happens.
It will present a guideline for protecting minors from getting attacked by scammers by age-restricting them from illegal gaming sites. Furthermore, casino operators are required to keep a record of the player’s information. The customer due diligence checks is performed on different players depending on their level of risk.
A high-risk player who has a greater chance of execution of scams will be dealt with under heavy criteria by pulling out more details about them.
Gaming Verification – A Satisfactory Approach to Detect Criminals
By establishing adequate measures for an effective gaming verification of the players, there are many factors that can prove to be beneficial for the gaming firms:
- Locating the Players and Defining their Age: By knowing the details of the player’s age and geographical location, better suggestions can be referred and it will help the firms to onboard only trustful users.
- Faster Sign-In Process: Once the user has logged in to their gaming accounts successfully, the need to sign in each and every time will be removed as the user’s information has already been verified. This will enable the companies to onboard more customers in a quick time.
- Following the AML regulations: All players who are onboarded, are checked under the anti-money laundering (AML) measures to detect any suspicious action of money laundering during the in-game purchases establishing a secure process for the identity in online games.
- Trusting the Identity: By verifying the players from the photo scanning and matching it with the picture pasted on the official documents, the real identities of the individuals are detected and any fraudsters will be eliminated in real-time by enabling the firm to develop trusting relationships with their customers.
Online Gambling – The Prime Target of Fraudsters
Online gambling industries have been targeted by fraudsters for quite a long period of time now. People are lured with fake offers of bonuses and promotions in online casinos.
As soon as they try to avail that offer they are scammed by fraudsters by pulling out a certain percentage of the user’s money. Unnecessary errors occur while users decide to cash out from the virtual casino games.
The remaining cash of the player gets stuck and they receive a message of error that they are unable to access the money anymore.
Many players do not pay attention to read the terms and conditions and fall into the attacks of the hidden features, it might also happen that many sites look legal but are operating illegally causing scamming problems for the players in the future.
Wrapping it Up
As the success of a game depends on how it is perceived b the players and their level of gaming satisfaction, therefore it is essential for the gaming developers to execute the feature of identity verification before onboarding new players.
The already onboarded players should also be monitored constantly to reduce fraud in online gaming depending on any doubtful act.
Hence, the more secure a gaming experience becomes, the more customers satisfaction will be obtained which will eventually lead the companies to successfully generate better revenues.