With the digital age growing massively upon us, it has become difficult to overcome the rapidly increasing challenges it is bringing along. Businesses that were previously working with physical offices in concrete buildings are now using technologies to boost their processes. However, as the regulations oblige, businesses can not leave the KYC behind. On a daily basis, the customers’ data travels through multiple servers as they open an account, order something online, or onboard as players.
As per the Federal Trade Commission’s report, it received a total of 1.4 million reports for identity theft. Online identity verification backed by AI technology is the most reliable solution that businesses can hold on to. Identity authentication is not simply showing your ID card at the entrance. It is so much more. Businesses need to carry a thorough scan before onboarding the customers. Here, the AI-powered solutions critically examine the documents and fetch the results after matching the details within the database.
Identity Verification is so Much More than KYC
Identity verification is not what you undergo when passing some restricted entrance or showing a license to the traffic officer. The advanced AI-backed solutions are so much more than just Know Your Customer (KYC). From simple customer verification during onboarding to multiplex authentication alongside biometric verification, all fall under the AI-technology-based solutions. As the central governments like the UK and the United States are stricting the regulations, businesses are obliged to adhere to them. For instance, the gaming industry in the UK is monitored by the Gaming Commission. It has set several stern measures regarding ID verification that the business should adhere to. If they fail it will cost them hefty fines.
Verified identity is an intrinsic part of the Know Your Customer process. Synthetic identity frauds have urged the companies to perform thorough verification of the customers onboard either remotely or in place. So much so, the existing customers’ authentication is also a crucial task. The best non-compromising way businesses can adopt is to carry out multi-step verification. For instance, pair ID documents verification with digital address or biometric authentication. Businesses can benefit from these in more than ways as the process is simple, less time taking, convenient, and frictionless.
Why Does the Gaming Industry Need Digital Identity Verification Services?
Similar to the rest of the industries, the gaming industry is also constrained to comply with KYC/AML regulations. This ranges from authentic player onboarding to combat money laundering. Another aspect falling under is preventing the young from entering the age-restricted platforms. To slide through the verification is easy for them as they use their elders’ credentials and bank accounts. However, by placing identity checks while connecting the bank account, players can be seamlessly identifing. In turn, businesses can ensure security and customer due diligence.
Previously, the gaming industry verifiers used to take a long time, up to 72 hours, for the verification process. This caused the gaming industry to move at a slow pace but the world was going quicker. So businesses like gaming introduced online services to prevent identity theft and so that they are not left behind. As per Statista, the market size is predicte to cross $92.9 billion by 2023. Read on to know how the identity verification service backs the gaming industry.
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The majority of the gaming platforms involve the investing and withdrawal of real money which makes it mandatory for the industries to comply with KYC/AML regulations. Furthermore, gaming platforms onboard remote customers, therefore the laws vary as per region. Common regulation is to gate users that are not of the appropriate age. Moving on, not all the gaming platforms are purely legit, some are partially unregulated. This leaves the loopholes that criminals exploit. If there is no central monitoring, these businesses can still ensure authenticity by employing AI-based services. Also, through robust identity verification solutions, the gaming industry can seamlessly onboard players in less time.
Prevention of Under Aged Onboarding
With the ongoing rapid technological advancements, minors can easily access the digital world and join any platform they wish to. The major threat for them is the platforms that have criminals at the back-end, equipped and ever ready to exploit the young. From this, not only the kids and their adults will suffer but the whole business will be at stake. However, to overcome this menace, identity authentication, furnished with real-time verification, plays the leading role. The AI technology-based age gates are not so easy to pass. The traditional manual verification was prone to various human errors, which surely digital ID verification is not.