Identity Verification in Online Gaming

Fighting Online Gaming Fraud with Identity Verification

The increase in Internet usage and easy access to online casino gaming platforms is driving the market growth. The global reach has facilitated financial crime and fraud on account of the diversity of patrons and the high volume of cross-border transactions. Unchecked money laundering and fraud can have far-reaching economic consequences, and the online gaming industry is one of the latest to come under regulatory compliance.

About this report

Gaming and identity

Exposed to risks

Gaming and gambling industries have always been centers of financial crime. In most countries, the gaming sector remains unregulated, making them channels of money laundering and illicit funding. It is in recent years when the gaming and gambling industry shifted online, that the risk exposure of the platforms increased significantly as online gaming can be accessed by players from any location over the Internet.

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Many challenges

The online gaming industry is exposed to high risks of financial crime. Some of the common challenges faced by the gaming and gambling industry are identity theft, credit card fraud, document forgery, money laundering, and other cyber incidents. Crime can occur at any point along the service lifecycle. The use of mobile devices to monetize stolen credentials is the most common method, with cyberattacks on mobile payments occurring more than other transactions. The customer is also vulnerable to larceny and identity theft via his networked mobile device.

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Exposed to risks
Speedy customer onboarding

The changing scenery

The spread of the pandemic and enforced home isolation has accelerated the demand for online gaming. People increasingly use smartphones to place bets and access accounts online. With the number of gamers increasing every day, the industry became one of the most exposed sectors to newer fraud types, such as synthetic identity fraud, spoofing, and transaction scams. Criminals exploit security gaps at the point of customer authentication to commit fraud and evade economic or trade sanctions. They are known to falsify information, make use of stolen identities, or abuse the network for financial manipulation.

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