The advancement of technologies has drastically changed the operations of sports events. There are positive changes surely but there are negative aspects as well. Fraudsters are using sophisticated techniques to disrupt the integrity of sports events. They use identity theft to gain financial advantage from the game events. This happens because sports betting is a legal behaviour in a number of countries across the globe because it benefits the country generally. But the interference of cybercriminals has made matters complicated. Therefore, a player ID verification system is necessary to implement in order to control the rising cases of identity theft and money laundering.
A Brief History of Fraud in Sports Events: Motivation behind the Implementation of Player ID Verification
In the year 2020, the famous football clubs had sponsorship by influential betting operators. As per the reports, EURO 2020 made a big contribution to the economical progress of the participating nations. During the huge sports event of EURO 2020, a number of small businesses and clubs experienced a rise in sales. There was an increase in the number of customers in sports betting as well. For cybercriminals, it was a huge opportunity for gaining financial rewards. As per the reports, around 30 million pounds were laundered in the United Kingdom only last year. It is expected to rise in the coming years.
The Issue of Minors and Gaming Fraud Verification
A huge concern for online gaming and gambling platforms was the entry of minors. They were getting access to age-restricted material which had negative consequences for their mental and emotional health. In this light, the global watchdogs have made it compulsory for the gaming and gambling service providers to implement player ID verification during their player onboarding process. These regulations are endorsed by several gambling associations that also issue sports licenses. Consequently, they play an important role in countering money laundering, terrorism financing, and identity theft cases.
Digital Sports – Why Player ID Verification is Critical?
Technological progress in the gaming industry has badly impacted the image of sports across the globe. Electronic sports viewers grew from around 400 million to 560 million. The gaming service providers connect players from all around the world and they also have an element of anonymity that fraudsters can use to their advantage. For instance, they can steal the identity of a genuine player and perform in-game purchases.
Player ID Authentication: A solution to Corruption
Another issue in the sports betting and gaming industry is corruption. This is because of the huge financial gains. A lack of KYC authentication and AML monitoring allows fraudsters to use poorly regulated financial transaction systems to exchange their money. Hence, the participation of third parties makes gaming platforms vulnerable to fraud, especially in chaotic times.
Player ID Verification – A Comprehensive Solution to all the Problems
The availability of the internet on cell phones has given a way to minors and they can engage with age-restricted material any time and anywhere. An important point is that parents cannot be blamed for this because children can use several methods to obtain access again. There is the social responsibility of the gaming service providers as well to implement age checks so that minors do not access age-restricted material.
This means that AML regulations and the social responsibility of the service providers both play a critical role. It means that the age verification system is part of the player ID verification system. It gives them a competitive edge in the market that they are playing an important role in giving an online gaming fraud-free experience.
Video KYC and Player ID Verification
In this day and age, manual identity verification procedures cannot work. Because fraudsters have become capable of using complex hacking techniques. The player ID verification service performs a thorough identity verification procedure as part of registration on the platform. The process is backed up by artificial intelligence technology which thoroughly scans the client’s information.
In all of these procedures, there is always the concern about data privacy violations. Perpetrators can use the information for their advantage or sell it on the black market as part of their malicious plans. There is also a video-based player ID verification system that is popular for reducing the identity theft risk and online gaming safety.
Finally, it is clear that the vulnerabilities in online betting platforms attract fraudsters and they leave no chance to exploit them. They use the financial gains in terrorism financing. In order to mitigate the issues, the player ID verification solution is ideal. As per the procedure, the players must provide their full name, and correct age at the time of login. The player ID verification service enables companies to stick to international guidelines while maintaining a positive customer experience.
Businesses that want to provide gambling and gaming services to their clients must implement the latest player ID verification solution during their client onboarding process. The solution easily works with the AML screening procedures and it provides highly accurate results within a few seconds.