Published by: bookmarkingland.com
Online gaming is one of the huge industries in the world that rely deeply on technology and the internet. People from every corner of the world use online gaming, gambling, lotteries sites, etc. for entertainment purposes. But these sites are exploited by criminals and minors, which builds the negative image of these sites. Regulatory authorities are becoming more vigilant in securing these online spaces, that is why laws like age verification and KYC/AML screening are devised for online gaming websites.
Online gaming websites face risk from two parties, one is from the criminals executing a planned crime like money laundering, secondly, the risk is from the minors attempting to gain access to age-restricted websites. There are regulations to eliminate these risks, but the cases of heavy fines are increasing, which shows that gaming websites have not sensed the urgency in the website. Non-compliance with age-verification and KYC/AML laws is followed by penalties and lawsuits.
450,000 children were gambling in 2016, this is the reason why gaming addiction is increasing among the minors. This has led to an increase in anxiety and other psychological issues among children. It is the responsibility of online gaming websites to safeguard minors from addiction and online cheaters. Also, it increases the credibility of the website and helps to promote its business among legitimate players.
Perks of Using age verification solution
Age verification of customers before onboarding them has several perks for the online gaming website. Below are a few things benefits:
- Regulatory compliance
Running online age verification on the customers before onboarding them helps the website owners to rise as a compliant platform. The regulatory authorities in several countries are adopting a rigid approach to eliminate underage gaming addiction and money laundering on gaming websites. In June 2019, the Uk gaming firms paid £19.6m, because they were unable to protect their players from criminals and cheats. Also, they were unable to stop underage gambling. So, regulatory compliance prevents non-compliance fines.
- Fraud prevention
More than one million children fell victim to identity theft in 2017. Criminals often use the stolen identities of children to onboard online gaming websites with money laundering and terrorist financing motives. The identities of children are used because they are not used frequently for the transactions, etc. Child identities are brand new, there is no record, so building a new identity with those stolen identities is easy.
Using age verification solutions to identify the ID card of the customers helps the gaming website to prevent the fraud of serving identity thieves using the identities of children to conduct crime anonymously. The website kills two birds with one stone and prevents fraud along with regulatory compliance.
- Onboarding legitimate customers
Running age verification on the customers helps the website to onboard legitimate customers. Minors lose a lot so, there are high chances that fraudsters would cheat them due to their inexperience. In case the website on boards only adults, the chances of cheating would be quite low. Often minors do not prove to be loyal customers unless they are addicted, which is morally wrong, because, they do not have enough funds to play more.
So, onboarding mature customers help the gaming website to build a loyal customer base.
- Outsourced solutions
Outsourcing a suitable online age verification solution is a feasible option for online gaming websites. Such online age verification solutions provide a global risk cover and also some of them are quite cost-effective as well.
To conclude, online gaming websites need to verify the age of their customers before onboarding them to prevent fines, frauds, and underage addiction. It helps websites to grab more growth opportunities while operating securely. So, it is a win-win situation for online gaming websites.