Know Your Player Compliance – Protecting Gaming Sector from Fraudsters
Knowing your player compliance is now a need for all gaming service providers because of the severe danger of identity theft and money laundering in this sector. Particularly during the epidemic, the rise in online gaming platforms brings alot of money in this industry. The threats are double comparatively in the gaming industry because of the significant financial investment. One reason is the rise in identity and gamer profile thefts. These networks are also abundant with in-game resources that scammers could use as a means of money laundering. With Know Your Player (KYP) compliance, eliminating fraud gradually in an efficient way.
Everyone Needs to be Aware of Gaming Frauds
Multiplayer games receive updates all the time, to enhance the experience of users. The concept behind online gaming encourages network communication and player online interaction. In-game voice chatting features are another tool offered by contemporary games. Players now have many options for interacting with one another in mobile games. It is much simpler when everyone works together, but there are some risks could make the game unplayable.
Recently, phishing attacks have been the most common method of tricking gamers into a trap on gaming platforms. Phishing attacks involve sending an email or an in-game message to the targeted player. The description contains a malicious URL with a tempting title to attract players. For instance, the attacker might pretend to be a retailer offer players fake discounts and in-game rewards via unreal links. When a player clicks that link, they voluntarily join other players in their fraudulent activity. Players are redirected by the link to a platform hosting a copy of the game. The intention behind the fake platforms is to collect user identities, passwords, and any other personally identifiable data.
Applying Patches to Boost Game Performance
Gamers are at risk from the use of automated online tools for data collection and breaches. In order to boost players’ performance, cybercriminals offer to install pirated software on gaming engines. This results in the installation of files that start collecting user data infecting the client-side gaming engine. It monitors the customer’s clicks and keystrokes in order to steal their profile credentials.
Cheap In-Game Accessories
Globally, gamers are crazy about expensive in-game accessories like weapon skins and distinctive character designs. For the purpose of selling these resources at a discount, the attackers have built fake online marketplaces. With the help of stolen user accounts, they gain access to the gaming systems and offer players third-party referral links to purchase these add-ons.
E-Gaming Verification with KYC
In order to verify system users, the gaming authorities follow KYC (Know Your Customer) compliance. The “know your player” procedure involves thoroughly identifying clients and checking their identities. Know Your Player (KYP) checks are used to confirm the player’s legitimacy during the registration or onboarding process. Due to compliance with KYC gaming regulations, if the players do not meet the criteria, they are removed from the platform.
Age Verification Check
The user’s age is confirmed to ensure that the player falls within the appropriate range. Companies have several methods for determining a user’s age. On the first attempt, the gaming engine asks the user to enter their birthdate. For age verification, the system uses this information in accordance with legal requirements. Players must upload their official documents for verification before they can access games with an 18+ rating. These documents are then verified to allow the user to enjoy the game. A machine-learning-based OCR technology extracts the data from uploaded records and confirms it against the age provided by the customer at the time of onboarding.
Customer Due Diligence in Gaming Industry
To play with other gamers, the player must have complete verification. Most gaming companies monitor player activity on their servers as part of their due diligence process. Different industries, like the gaming sector, use such processes to confirm their players’ identities. To enhance the CDD procedure in the gaming industry, businesses must abide by the know your player regulations.
Verifying the player using biometric tools is the primary component of the CDD process. To verify the legitimacy of the player, it performs several checks, including face recognition and liveness detection.
Nowadays, people use esports as their profession to generate a handsome amount of income. More people are choosing esports as a career, which is causing the gaming industry to grow every day. Money laundering and identity theft are significant risks in the gaming industry because it is one of the biggest sectors in the world. Esports platforms are now using Know Your Player (KYP) compliance to protect their users from cyberattacks like popular NB5111 do for there security. Customer due diligence continuously monitors the players through background checks and digital verification to make sure that only the right person has access to the player profile.