Since gambling on the internet has grown into a lucrative business, earning $64.13 billion in 2020; identity verification in online gaming has become a necessity. An annual compound growth rate of 11.49% is predicted for the internet gambling industry.
After the pandemic, the digital economy became a significant contributor to the online gambling industry. Global internet traffic attributed to online betting increased by 11% due to online gambling growth of 64%. Among these is mobile gambling, which has incremented exponentially since 2012.
Many countries prohibit or regulate online gambling. Online gambling includes games like Bingo, Casino, Lottery, Poker, and Sports Betting. Betting companies such as Bet365 Ltd, Betfred Ltd, 888 Holdings plc, Paddy Power Betfair plc, and GVC Holdings plc are significant players.
Online gaming fraud and the need for identity verification service
As the gambling industry is so rife with problems, it’s hard to single out one. Cyber threats are a common global issue in any online industry, but the online gambling industry takes it to a whole new level. There is a high level of distrust between online gambling companies and players. Online gambling is not legal everywhere.
Video game players are not the only ones using unlicensed betting sites or committing blatant fraud. Gambling still attracts minors despite age restrictions. There is no KYC gambling or AML procedure during customer onboarding. Therefore, players have to be responsible for their online safety.
IDMERIT Verification Services for Online Gambling Industry.
Global Online gambling regulations such as age verification, customer onboarding, risk protection, cybersecurity, and merchant authentication can be addressed through identity verification. Gambling sites and players need protection from cyber threats, non-compliant payment platforms, and unscrupulous websites. Automating KYC and AML compliance is the first step to crafting an efficient identity verification solution. You can create a frictionless onboarding process by automating KYC and focusing on AML compliance.
With IDMERIT’s IDMkyX platform of services, your gambling business can meet KYC and AML compliance. As part of our identity validation service, we use artificial intelligence and machine learning to provide your gambling business with frictionless customer onboarding while preventing cyber threats and risks.
Here’s how IDMERIT’s identity validation service works in preventing online gambling fraud.
Global Identity Verification
There are some significant ways to validate ID here at the online betting site.
Firstly, we use geolocation to find IP addresses and Global Positioning Satellites (GPS) for IP verification. It helps us to track down any fraudsters who might be trying to hide behind their devices.
Secondly, we have Mobile ID Verification, which makes it easy for players to autocomplete forms on mobile devices. Paired with IDMscan, this allows us to validate ID using the biometric features on the customer’s smart device.
Lastly, we have Age Verification — this is important for the gambling business and the minors themselves. We need to make sure that whosoever is playing is of legal age. These are just a few ways that keep things safe and secure here at our site.
AML Compliance
Despite what one might think, there are a few online gambling companies charged with AML non-compliance. The AML compliance process that some online gambling companies implement is ineffective in deterring money laundering or cyber threats.
Business to Business — An invalidated payment services provider can be just as much of a problem as a fraudulent customer. Plus, some individuals with severe gambling issues may try to onboard and use business entities. IDMkyb ensures you meet Know Your Business (KYB) compliance.
Risk Scoring — Perform a risk assessment before your KYC check. Find your risk score based on IP verification, email age, domain, spam checklist, mobile number, and more.
Behavior Monitoring — Including a behavior monitoring system as part of your ongoing due diligence is one way to mitigate future risks.
Customer Onboarding
Automating KYC and AML compliance is the first step to constructing an effective identity verification solution. You can create a seamless onboarding process by automating KYC and focusing on AML compliance. However, this may result in some onboarding issues. Automation can reduce the opportunity for cart abandonment.
Automated KYC — Our KYC verification API is designed to give you and your customers a safe and uninterrupted onboarding process. Most of our automatic ID verification takes place in the backend, allowing for real-time identity verification in seconds.
Global Coverage — Our services are in over 170 countries with over 400 data sources and work in almost every language. We keep our eyes on the global watchlists to prevent any scammers, spammers, or even global terror threats.
Digital Identity Management — When it comes to customer onboarding, you need to think about more than just the process itself. It would help if you considered how you will store and protect your customers’ personal information.
How is IDMERIT a unique solution?
The complex legalities of the online gambling industry require you to constantly stay updated on industry regulations, card scheme rules, and regional as well as international law. This could be a daunting task, but partnering with experts in digital identity management can make it much easier for you to manage your client data. They can help you streamline your customer onboarding process while ensuring that all the necessary KYC due diligence checkpoints are met. Additionally, the automated KYC solution has built-in behavior monitoring and mobile ID verification capabilities, making AML compliance for your gambling business a breeze.
Online gambling companies should never leave the task of ID validation to others. Use a reliable method of real-time identity verification and choose a trusted identity validation service.
Protect your gambling business. Protect the good players and keep unwanted bad actors out of the online gambling industry.
Bet on IDMERIT and allow us to prove how our ID validation systems can keep your gambling business safe online.
