Know Your Player: to Verify the Identity of the Players

The gaming industry must implement Know your Player services to discourage illicit activities. The emergence of new markets like game streaming has raised the attention of individuals towards the gaming industry. Now, the smooth internet connection, affordable prices, and easy access to online games have increased the revenue of this industry.

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In 2023, in South Korea, cho sung cho players won $1.2 million in prize money through tournaments. The dark side of this industry is that scammers are also inclined toward it due to its colossal revenue. Therefore, the government has made it mandatory for e-commerce to apply know your player checks and allow only verified individuals to log in.

Gambling Compliance: How is it performed?

The set of rules and procedures implied to control gambling, money laundering, and fake identity scams. In the gaming industry, most crimes are performed by counterfeit identities; scammers steal the user’s identity and then log in to their account. They mostly hack the minors’ accounts because children are unaware of the complexities of digital media. They click the link sent by the scammer, and once the link is opened, the hacker gets access to the user’s account. Fake identities are used for money laundering and gambling; players use this technique to win the prize twice.

Know Your Player: Player’s Trust is Built

Compliance with the rules imposed by the government safeguards the user’s interest. The customer usually feels unsafe while giving their bank details online. But when the clients are ensured that their data is in safe hands, then they do not leave such organization. Companies can retain their users for a long time by facilitating them to their maximum and maintaining online gaming safety.

How Are Gaming Fraud Discouraged?

The name, age, and location of the players are checked to ensure that the same person is logged in to the account; this step is done to mitigate the false identity scams. The users have to face the camera, the scanner scans their face, and a template is formed, which is readable by the system. It is then matched against the previously stored image in the database, and a government directory can also be utilized for this purpose. The player is valid if the comparison is the same; otherwise, the individual cannot access the account.

Customer Due Diligence to Know Your Player

It is necessary to get a better knowledge of the user to mitigate online gaming fraud, and the client’s due diligence is done to measure the risk rate of the customer. The users are classified as high and low risks, and then the company has to build relationships with them accordingly. The organization has to monitor the activities of their clients, and they can even observe their employees through it. Employees can be paid according to the time they have performed their tasks, and the biometric system consciously measures the activities.

Know Your Player: Making the Gaming Industry Fair and Transparent 

Nowadays, online data breaches are widespread, and customers do not feel safe while dealing with companies that are not compliant with the latest regulations. Every user activity is measured and ensured that they are not involved in illicit activity. The e-commerce industry needs to ensure they are dealing with the right person, primarily customers who just visit the website and wait to buy anything. Such users just visit the website and do not buy anything. Knowing your player is crucial to avoid such issues and target the desired customers.

How are Gaming Scams Affecting the Minors?

Minors are always at the more significant edge of scams because they are unaware of the digital system. Companies must comply with the Know Your Player regulations so that age-restricted people can access the website. The government has made the rule that minors should not be given access to mature content websites because they are unsuitable for children, as they contain alcohol and other such products. The traders who do not follow these guidelines have to face heavy penalties. The only way to mitigate the gaming scam is to verify the identity of the players while maintaining gaming compliance.

Conclusion

The gaming industry is earning colossal revenue, and the negative side is that it has attracted the attention of scammers. The hackers drive new means to hack the players’ accounts and steal their information. Know your player before accessing the system; the biometric system should do the onboarding, verification, and monitoring. The individuals also trust the company that offers them seamless services and preserves their credentials. Traders can increase their profit and prevent themselves from data breaches by allowing only verified players to play the game.