The use of mobile phones among minors has become a common norm these days. Little kids like to play online video games to entertain themselves. Even they enter some age-restricted e-gaming sites by using their parent’s accounts or by checking the captcha checkbox to log in to the website. Children do not know the consequences of entering such gaming or gambling sites. They just want to explore new things and in doing so, they enter the online gaming platforms just by checking the age checkbox “ I am 18 years old ” or by entering the system as an anonymous user.
Stealing the account credentials of anonymous users or minors is quite easy for bad actors to use them for illegal means. Similarly, e-commerce sites also face false chargebacks filed by the parents of minors and lose millions every year as non-compliance fines. There is an immense need for online service providers, e-gaming, and gambling platforms to incorporate stringent age gates to keep minors away from their sites to avoid online frauds and chargebacks. Know your player check assists, online service providers, to keep underage children at bay from their websites. Let’s have a look at how knowing your player facilitates them to stop underage children from entering into their system.
How Know Your Player Help the E-gaming Industry?
The online gaming industry is progressing by leaps and bounds with every passing day. The e-gaming industry generates a large amount of revenue in 2020 and is forecasted to grow more by 2021. The online gaming and gambling industry proves to be a helping hand for money launderers to make their illegally obtained funds legitimate. It is the prime duty of all know Your Business to incorporate robust KYC solutions to know their customers/players/patients/ verifying businesses according to the industry.
Online gaming and casinos should meet KYC procedures such as AML compliance, customer, and enhanced due diligence to avoid money laundering and other financial crimes.
Know your player assists e-gaming sites to restrict their services from underage children to prevent ID scams. Let’s see how knowing your player delivers the best gaming experience to the end-users.
Working of KYP
The purpose of knowing your player compliance is to confirm the age of the player using various age checks. The age of the player can be verified by uploading a picture of an identity document into the system. The OCR scanner fetches the necessary information like date of birth, residential/official address and matches it with the player’s data. Finally, the verification results are forwarded to the back office. The automated system rejects the verification of the player whose age is less than 18 years old. Know your player facilitates e-gaming platforms for online identity verification of their players that ultimately help them to fulfill regulatory standards.
Age Verification For E-gaming
Age verification proves to be a helping hand for online gaming platforms to deter ID frauds and money laundering. Let’s discuss some gambling platforms that need age authentication solutions in gaming.
Poker is an online game that is widely used by gamblers for e-betting to make instant money within a few days. The game generates revenue in billions and is expected to escalate at the rate of 5.6% from 2022 to 2027. The UK Gambling Commission revealed that 400,000 underage children are placing bets and losing millions every year. Such gambling sites desperately need age verification solutions to avoid minors from their services and to fulfill age regulations.
The games include adult subjects, bad language, or harsh expressions are called R-rated games. These games are suitable only for a specific audience and if minors play them, they can face several consequences. Due to the nature of these games, they need age verification solutions to prevent minors from using their services to avoid regulatory fines.
E-gaming sites have become a hot spot for bad actors to commit ID frauds and money launderers to make their black money legitimate. Know your player compliance facilitates online gaming and gambling platforms to keep minors at bay from them to avoid non-compliance penalties.